Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Entity File Number | 001-37384 |
Entity Registrant Name | GALAPAGOS NV |
Entity Incorporation, State or Country Code | C9 |
Document Accounting Standard | International Financial Reporting Standards |
Entity Address, Address Line One | Generaal De Wittelaan L11 A3 |
Entity Address, City or Town | Mechelen |
Entity Address, Country | BE |
Entity Address, Postal Zip Code | 2800 |
Title of 12(b) Security | American Depositary Shares, each representing one |
Security Exchange Name | NASDAQ |
Trading Symbol | GLPG |
Entity Common Stock, Shares Outstanding | 65,835,511 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Entity Central Index Key | 0001421876 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Auditor Name | Deloitte Bedrijfsrevisoren / Réviseurs d’Entreprises BV/SRL |
Auditor Firm ID | 1133 |
Auditor Location | Zaventem, Belgium |
Amendment Flag | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Generaal De Wittelaan L11 A3 |
Entity Address, City or Town | Mechelen |
Entity Address, Country | BE |
Entity Address, Postal Zip Code | 2800 |
Contact Personnel Fax Number | 32 15 342 901 |
Contact Personnel Name | Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Assets | |||
Goodwill | € 69,813 | ||
Intangible assets other than goodwill | 146,354 | € 60,103 | € 67,565 |
Property, plant and equipment | 154,252 | 137,512 | 103,378 |
Deferred tax assets | 1,363 | 4,032 | 4,475 |
Non-current trade receivables | 50,000 | ||
Non-current R&D incentives receivables | 119,941 | 127,186 | 111,624 |
Other non-current assets | 5,778 | 2,473 | 11,343 |
Non-current assets | 497,501 | 331,306 | 348,384 |
Inventories | 52,925 | 20,569 | 36 |
Trade and other receivables | 40,429 | 111,337 | 148,418 |
Current R&D incentives receivables | 26,126 | 16,827 | 24,104 |
Current financial investments | 3,585,945 | 2,469,809 | 3,026,278 |
Cash and cash equivalents | 508,117 | 2,233,368 | 2,135,187 |
Other current assets | 23,307 | 9,945 | 11,917 |
Current assets from continuing operations | 4,236,850 | 4,861,854 | 5,345,941 |
Assets classified as held for sale | 23,406 | ||
Total current assets | 4,236,850 | 4,861,854 | 5,369,347 |
Total assets | 4,734,351 | 5,193,160 | 5,717,731 |
Equity and liabilities | |||
Share capital | 293,604 | 292,075 | 291,312 |
Share premium account | 2,735,557 | 2,730,391 | 2,727,840 |
Other reserves | (4,853) | (10,177) | (10,907) |
Translation differences | (1,593) | (1,722) | (3,189) |
Accumulated losses | (496,689) | (367,205) | (334,701) |
Total equity | 2,526,026 | 2,643,362 | 2,670,355 |
Retirement benefit liabilities | 5,540 | 11,699 | 14,996 |
Deferred tax liabilities | 20,148 | ||
Non-current lease liabilities | 14,692 | 19,655 | 23,035 |
Other non-current liabilities | 21,808 | 7,135 | 8,096 |
Non-current deferred income | 1,623,599 | 1,944,836 | 2,365,974 |
Non-current liabilities | 1,685,787 | 1,983,325 | 2,412,101 |
Current lease liabilities | 7,209 | 7,204 | 6,401 |
Trade and other liabilities | 148,675 | 137,622 | 175,550 |
Current tax payable | 1,022 | 1,782 | 1,248 |
Current deferred income | 365,631 | 419,866 | 443,159 |
Current liabilities from continuing operations | 522,538 | 566,474 | 626,357 |
Liabilities directly associated with assets classified as held for sale | 8,917 | ||
Current liabilities | 522,538 | 566,474 | 635,274 |
Total liabilities | 2,208,325 | 2,549,798 | 3,047,375 |
Total equity and liabilities | € 4,734,351 | € 5,193,160 | € 5,717,731 |
Consolidated Statement of Opera
Consolidated Statement of Operations - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statement of Operations | |||
Product net sales | € 87,599 | € 14,753 | € 2 |
Collaboration revenues | 417,681 | 470,093 | 478,051 |
Total net revenues | 505,280 | 484,846 | 478,053 |
Cost of sales | (12,079) | (1,629) | |
Research and development expenses | (515,083) | (491,707) | (523,667) |
Sales and marketing expenses | (147,555) | (69,956) | (66,468) |
General and administrative expenses | (144,931) | (140,899) | (118,757) |
Other operating income | 46,848 | 53,749 | 52,207 |
operating income/loss | (267,520) | (165,596) | (178,632) |
Fair value adjustments and net exchange differences | 51,473 | 61,296 | (116,188) |
Other financial income | 18,578 | 3,058 | 11,573 |
Other financial expenses | (17,679) | (21,757) | (26,528) |
Loss before tax | (215,147) | (122,999) | (309,775) |
Income taxes | (2,844) | (2,423) | (1,226) |
Net loss from continuing operations | (217,991) | (125,422) | (311,001) |
Net income from discontinued operations, net of tax | 22,191 | 5,565 | |
Net loss | (217,991) | (103,231) | (305,436) |
Net loss attributable to: | |||
Owners of the parent | € (217,991) | € (103,231) | € (305,436) |
Basic loss per share | € (3.32) | € (1.58) | € (4.69) |
Diluted loss per share | (3.32) | (1.58) | (4.69) |
Basic loss per share from continuing operations (in EUR per share) | (3.32) | (1.91) | (4.78) |
Diluted loss per share from continuing operations (in EUR per share) | € (3.32) | € (1.91) | € (4.78) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income/Loss (-) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statement of Comprehensive Income/Loss (-) | |||
Net loss | € (217,991) | € (103,231) | € (305,436) |
Items that will not be reclassified subsequently to profit or loss: | |||
Re-measurement of defined benefit obligation | 5,324 | 730 | (6,065) |
Items that may be reclassified subsequently to profit or loss: | |||
Translation differences, arisen from translating foreign activities | 129 | 736 | (1,024) |
Realization of translation differences upon sale/liquidation of foreign operations | 731 | (1,023) | |
Other comprehensive income/loss (-), net of income tax | 5,453 | 2,197 | (8,112) |
Total comprehensive loss attributable to: | |||
Owners of the parent | (212,538) | (101,034) | (313,548) |
Total comprehensive loss attributable to owners of the parent arises from: | |||
Continuing operations | € (212,538) | (123,956) | (318,841) |
Discontinued operations | € 22,922 | € 5,293 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - EUR (€) € in Thousands | Share capital. | Share premium account | Translation differences | Other reserves | Accumulated losses | Total |
Balance at beginning of year at Dec. 31, 2019 | € 287,282 | € 2,703,583 | € (1,142) | € (4,842) | € (109,223) | € 2,875,658 |
Net loss | (305,436) | (305,436) | ||||
Other comprehensive income / loss (-) | (2,047) | (6,065) | (8,112) | |||
Total comprehensive income / loss (-) | (2,047) | (6,065) | (305,436) | (313,548) | ||
Share-based compensation | 79,959 | 79,959 | ||||
Exercise of warrant/ subscription rights | 4,031 | 24,257 | 28,288 | |||
Balance at end of year at Dec. 31, 2020 | 291,312 | 2,727,840 | (3,189) | (10,907) | (334,701) | 2,670,355 |
Net loss | (103,231) | (103,231) | ||||
Other comprehensive income / loss (-) | 1,467 | 730 | 2,197 | |||
Total comprehensive income / loss (-) | 1,467 | 730 | (103,231) | (101,034) | ||
Share-based compensation | 70,726 | 70,726 | ||||
Exercise of warrant/ subscription rights | 763 | 2,551 | 3,314 | |||
Balance at end of year at Dec. 31, 2021 | 292,075 | 2,730,391 | (1,722) | (10,177) | (367,205) | 2,643,362 |
Net loss | (217,991) | (217,991) | ||||
Other comprehensive income / loss (-) | 129 | 5,324 | 5,453 | |||
Total comprehensive income / loss (-) | 129 | 5,324 | (217,991) | (212,538) | ||
Share-based compensation | 88,506 | 88,506 | ||||
Exercise of warrant/ subscription rights | 1,530 | 5,166 | 6,695 | |||
Balance at end of year at Dec. 31, 2022 | € 293,604 | € 2,735,557 | € (1,593) | € (4,853) | € (496,689) | € 2,526,026 |
Consolidated Cash Flow Statemen
Consolidated Cash Flow Statement - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net loss | € (217,991) | € (103,231) | € (305,436) |
Adjustment for non-cash transactions | 117,296 | 57,718 | 230,723 |
Adjustment for items to disclose separately under operating cash flow | (4,533) | 11,227 | 4,067 |
Adjustment for items to disclose under investing and financing cash flows | (3,789) | (28,847) | (2,472) |
Change in working capital other than deferred income | (32,313) | (23,337) | 146,092 |
Cash used for other liabilities related to the acquisition of subsidiaries | (28,164) | ||
Decrease in deferred income | (383,618) | (453,720) | (207,787) |
Cash used in operations | (488,487) | (493,516) | (426,998) |
Interest paid | (12,463) | (12,540) | (9,033) |
Interest received | 4,839 | 2,913 | 10,054 |
Income taxes paid | (4,433) | (684) | (1,358) |
Net cash flows used in operating activities | (500,544) | (503,827) | (427,336) |
Purchase of property, plant and equipment | (27,389) | (54,205) | (42,522) |
Purchase of and expenditure in intangible fixed assets | (9,558) | (3,674) | (48,793) |
Proceeds from disposal of property, plant and equipment | 739 | 49 | |
Purchase of current financial investments | (2,728,634) | (1,561,015) | (4,574,206) |
Interest received related to current financial investments | 2,996 | 12 | 3,500 |
Sale of current financial investments | 1,641,602 | 2,127,380 | 5,415,316 |
Disposals of subsidiaries, net of cash disposed | 28,696 | ||
Cash out from acquisition of subsidiaries, net of cash acquired | (115,270) | ||
Cash advances and loans to third parties | (10,000) | ||
Acquisition of financial assets | (2,681) | ||
Proceeds from sale of financial assets held at fair value through profit or loss | 4,045 | 6,626 | |
Net cash flows generated from/used in (-) investing activities | (1,245,514) | 541,238 | 757,288 |
Payment of lease liabilities and other debts | (8,182) | (7,190) | (6,247) |
Proceeds from capital and share premium increases from exercise of subscription rights | 6,695 | 3,314 | 28,287 |
Net cash flows generated from/used in (-) financing activities | (1,487) | (3,876) | 22,040 |
Increase/decrease (-) in cash and cash equivalents | (1,747,545) | 33,535 | 351,994 |
Cash and cash equivalents at beginning of year | 2,233,368 | 2,143,071 | 1,861,616 |
Effect of exchange rate differences on cash and cash equivalents | 22,293 | 56,763 | (70,539) |
Cash and cash equivalents at end of year | € 508,117 | € 2,233,368 | € 2,143,071 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows, Current Financial Investments € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Note to the cash flow statement | ||||
Current financial investments | € 3,585,945 | € 2,469,809 | € 3,026,278 | |
Cash and cash equivalents | 508,117 | $ 97.3 | 2,233,368 | 2,135,187 |
Cash and cash equivalents classified as assets held for sale | 7,884 | |||
Current financial investments and cash and cash equivalents | € 4,094,062 | € 4,703,177 | € 5,169,349 |
General information
General information | 12 Months Ended |
Dec. 31, 2022 | |
General information. | |
General information | Notes to Consolidated Financial Statements 1. General information Galapagos NV is a limited liability company incorporated in Belgium and has its registered office at Generaal De Wittelaan L11 A3, 2800 Mechelen, Belgium. In the notes to the consolidated financial statements, references to “we,” “us,” “the group” or “Galapagos” include Galapagos NV together with its subsidiaries. We are a fully integrated biotechnology company focused on discovering, developing, and commercializing innovative medicines. We are committed to improving patients’ lives worldwide by targeting diseases with high unmet needs. Our research and development (R&D) capabilities cover multiple drug modalities, including small molecules and cell therapies. Our portfolio comprises discovery through to commercialized programs in immunology, oncology and other indications. Our first medicine for rheumatoid arthritis and ulcerative colitis is on the market in Europe and Japan. We devote substantially all of our resources to our drug discovery efforts from target discovery through clinical development and to our commercialization efforts for filgotinib in Europe. The components of the operating result presented in the financial statements include the following companies: Galapagos NV, Galapagos Biopharma Belgium BV, Galapagos Real Estate Belgium BV (Mechelen, Belgium); Galapagos SASU (Romainville, France); Galapagos B.V., Galapagos Biopharma Netherlands B.V., Galapagos Real Estate Netherlands B.V. and CellPoint B.V. (CellPoint) (Oegstgeest, the Netherlands); Galapagos, Inc. and its subsidiaries Xenometrix, Inc. and AboundBio, Inc. (AboundBio) (United States); Galapagos GmbH (Basel, Switzerland); Galapagos Biotech Ltd (Cambridge, UK), Galapagos Biopharma Germany GmbH (München, Germany), Galapagos Biopharma Spain S.L.U. (Madrid, Spain); Galapagos Biopharma Italy S.r.l. (Milan, Italy); Our continuing operations had 1,338 employees as at December 31, 2022 (as compared to 1,309 employees as at December 31, 2021 and 1,304 employees as at December 31, 2020) mainly working in our operating facilities in Mechelen (the Belgian headquarters), the Netherlands, France, Switzerland, Germany, Italy, Spain and the United Kingdom. We previously had two reportable segments, R&D and fee-for-services business. On January 4, 2021, we sold our fee-for-service business Fidelta d.o.o. (Fidelta) to Selvita S.A. (Selvita) for a total consideration of €37.1 million. Fidelta had 185 employees on December 31, 2020 working in the operating facilities in Croatia. We classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020. We have reported the fee-for-service segment as discontinued operations and we are currently operating as a single operating segment. Impact of COVID-19 on the financial statements To date, we have experienced limited impact on our financial performance, financial position, cash flows and significant judgements and estimates. Conflict in Ukraine To date, we have experienced very limited impact of the armed conflict between Russia and Ukraine. However, we keep on monitoring the impact of the situation. |
Summary of significant transact
Summary of significant transaction | 12 Months Ended |
Dec. 31, 2022 | |
Summary of significant transaction | |
Summary of significant transaction | 2. Summary of significant transactions GILEAD COLLABORATION AGREEMENT On July 14, 2019 we and Gilead announced that we entered into a 10-year global research and development collaboration. Through this agreement, Gilead gained exclusive access to our innovative portfolio of compounds, including clinical and preclinical programs and a proven drug discovery platform. At inception of this collaboration in 2019, we received an upfront payment €3,569.8 million ($3.95 billion) and a €960.1 million ($1.1 billion) equity investment from Gilead. On the closing date of the transaction (August 23, 2019) we concluded that the upfront payment implicitly included a premium for the future issuance of warrant A and initial and subsequent Warrant B. The expected value of the warrants to be issued is treated as a contract liability ("warrant issuance liability") and reduces the transaction price until approval date of the issuance of the underlying warrants. As from approval date, the allocation of the upfront payment to the respective warrant becomes fixed and future changes in the fair value of the respective warrant are recognized in profit or loss. As such, the part of the upfront payment allocated to the Warrant A and initial Warrant B reflects the fair value of these financial liabilities at the warrant approval date (October 22, 2019). On November 6, 2019 Gilead exercised warrant A, which resulted in an additional equity investment of €368.0 million. Subsequent Warrant B is still subject to approval by an Extraordinary Meeting of Shareholders and is therefore still presented as warrant issuance liability in our deferred income (we refer to note 25 for more information). The value allocated to the subsequent Warrant B reflects the fair value of the underlying liability on December 31, 2020, December 31, 2021 and December 31, 2022. On December 31, 2022 the value of subsequent Warrant B further decreased to €0.7 million, driven by the decrease of our share price and of the implied volatility in 2022. At inception of this collaboration, we identified the following three performance obligations: (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20 As part of the collaboration, Gilead also received option rights for GLPG1972, a Phase 2b candidate for osteoarthritis, in the United States. In November 2020, Gilead however declined to exercise its option for GLPG1972. Since October 22, 2019, Gilead has had two representatives on the Board of Directors of Galapagos (Daniel O’Day and Linda Higgins). In Q4 2020, Gilead decided not to pursue FDA approval of the RA indication for filgotinib in the U.S. as a result of Complete Response Letter (CRL) from the Food and Drug Administration (FDA). Due to this, in December 2020 Gilead and we agreed to amend our existing collaboration for the commercialization and development of filgotinib. This resulted in the execution of the Transition and Amendment Agreement of April 3, 2021 and the Second Amended and Restated license and Collaboration Agreement of December 24, 2021, effective as of January 1, 2022. In September 2021 we agreed together with Gilead to also take over the sponsorship of and operational and financial responsibility for the ongoing DIVERSITY clinical study, evaluating filgotinib in CD, and its long-term extension study. The DIVERSITY clinical study was transferred and from April 1, 2022, we were solely responsible for all development costs for the DIVERSITY clinical study. Gilead remains responsible for commercial activities outside of Europe. These modifications to the collaboration with Gilead did not result in the creation of new performance obligations, and only the performance obligation related to the development activities for filgotinib has been reassessed. We retain the following three performance obligations, of which the first one was satisfied completely in 2019; (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20 We refer to the critical accounting judgments and key sources of estimation uncertainty section (note 4) explaining critical judgments and estimates in applying accounting policies. Terms of the collaboration We will fund and lead all discovery and development autonomously until the end of Phase 2. After the completion of a qualifying Phase 2 study (or, in certain circumstances, the first Phase 3 study), Gilead will have the option to acquire a license to the compound outside Europe. If the option is exercised, we and Gilead will co-develop the compound and share costs equally. Gilead will maintain option rights to our programs through the 10-year term of the collaboration. This term can be extended for up to an additional three years thereafter for those programs, if any, that have entered clinical development prior to the end of the collaboration term. In addition a final term extension can be granted in certain circumstances. Development of GLPG1690 was discontinued in February 2021. For GLPG1972, after the completion of the ongoing Phase 2b study in osteoarthritis, Gilead had the option to pay a $250 million fee to license the compound in the United States but declined to exercise its option in November 2020. For all other programs resulting from the collaboration, Gilead will make a $150 million opt-in payment per program and will owe no subsequent milestones. We will receive tiered royalties ranging from 20%-24% on net sales of all our products licensed by Gilead in all countries outside Europe as part of the agreement. Revised filgotinib collaboration Under the revised agreement of December 2020, we assume all development, manufacturing, commercialization and certain other rights for filgotinib in Europe, providing the opportunity to build a commercial presence on an accelerated timeline. The transfer is subject to applicable local legal, regulatory and consultation requirements. All activities have been transferred as of December 31, 2022. Beginning on January 1, 2021, we bear the future development costs for certain studies (defined as “Group A activities”), in lieu of the equal cost split contemplated by the previous agreement. These studies initially included the DARWIN3, FINCH4, FILOSOPHY, and Phase 4 studies and registries in RA, MANTA and MANTA-RAy, the PENGUIN1 and 2 and EQUATOR2 studies in PsA, the SEALION1 and 2 studies in AS, the HUMBOLDT study in uveitis in addition to other clinical and non-clinical expenses supporting these studies and support for any investigator sponsored trials in non-IBD conditions and non-clinical costs on all current trials. The DIVERSITY study has been added to the “Group A activities” in September 2021. The existing 50/50 global development cost sharing arrangement will continue for the following studies (defined as “Group B activities”): SELECTION and its long-term extension study (LTE) in UC, DIVERGENCE 1 and 2 and their LTEs and support for Phase 4 studies and registries in Crohn’s disease, pediatric studies and their LTEs in RA, UC and Crohn’s disease, and support for investigator sponsored trials in IBD. All commercial economics on filgotinib in Europe were transferred to us as of January 1, 2022, subject to payment of tiered royalties of 8% to 15% of net sales in Europe to Gilead, starting in 2024. In connection with the amendments to the existing arrangement for the commercialization and development of filgotinib, Gilead paid us €160 million, which is split between a €110 million payment received in 2021 and a €50 million payment received in 2022 and is subject to certain adjustments for higher than budgeted development costs. In July 2022, Gilead made a one-time payment of $15 million to us in consideration for assuming responsibility for the DIVERSITY clinical study. In addition, we will no longer be eligible to receive any future milestone payments relating to filgotinib in Europe. In 2022 we also received from Gilead $20 million of milestone payment for the regulatory approval of filgotinib in UC in Japan.Other terms of the original license agreement remain in effect, including the remaining $275 million in development and regulatory milestones, sales-based milestone payments of up to $600 million and tiered royalties ranging from 20% – 30% payable in territories outside Europe (whereas before it was applicable for all countries outside of Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom). Terms of the equity investment As part of the research and development collaboration of 2019 Gilead also entered into a share subscription agreement with us. Gilead’s equity investment consisted of a subscription for new Galapagos shares at a price of €140.59 per share, representing at July 14, 2019 a 20% premium to Galapagos’ 30-day, volume-weighted average price. This equity subscription took place at closing of the transaction, on August 23, 2019 and increased Gilead’s stake in Galapagos from approximately 12.3% to 22.04% of the then issued and outstanding shares in Galapagos. In addition, the extraordinary general meeting of shareholders of October 22, 2019 approved the issuance of Warrant A and initial Warrant B allowing Gilead to further increase its ownership of Galapagos to up to 29.9% of the company’s issued and outstanding shares. The initial Warrant B has a term of five years and an exercise price per share equal to the greater of (i) 120% multiplied by the arithmetic mean of the 30-day daily volume weighted average trading price of Galapagos’ shares as traded on Euronext Brussels and Euronext Amsterdam, and (ii) €140.59. Subsequent Warrant B is still subject to approval by an extraordinary general meeting of shareholders. This Extraordinary General Meeting of Shareholders shall take place between 57 and 59 months after the closing of the subscription agreement (August 23, 2019) and this warrant will have substantially similar terms, including as to exercise price, to the initial Warrant B. The agreement also includes a 10-year standstill restricting Gilead’s ability to propose a business combination with or acquisition of Galapagos or increase its stake in Galapagos beyond 29.9% of the company’s issued and outstanding shares, subject to limited exceptions. On November 6, 2019 Gilead exercised Warrant A and increased its ownership in Galapagos to 25.10% of the then outstanding shares. Gilead’s ownership amounted to 25.38% at December 31, 2022. BUSINESS COMBINATIONS On June 21, 2022 we acquired, in an all-cash transaction, 100% of the shares and voting interests of CellPoint. On the same date we acquired all of the outstanding capital and voting interests of AboundBio. We refer to note 12 Goodwill and impairment of goodwill and note 26 Business combinations during the period, for more information. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Significant accounting policies | 3. Significant accounting policies Our principal accounting policies are summarized below. BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved. They give a true and fair view of our financial position, our financial performance and cash flows, on a going concern basis. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 New standards and interpretations applicable for the annual period beginning on January 1, 2021 did not have a material impact on our consolidated financial statements. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2022 New standards and interpretations applicable for the annual period beginning on January 1, 2022 did not have a material impact on our consolidated financial statements. STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2022 A number of new standards are effective for annual periods beginning on or after January 1, 2023 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective but we expect no standard to have a material impact on our financial statements in the period of initial application. The following amendments are effective for the period beginning 1 January 2023: ● Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); ● Definition of Accounting Estimates (Amendments to IAS 8); ● Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12); and ● IFRS 17 Insurance Contracts and Amendments to IFRS 17. The following amendments are effective for the period beginning 1 January 2024: ● ● ● CONSOLIDATED REPORTING The consolidated financial statements comprise the financial statements of Galapagos NV and entities controlled by Galapagos NV (subsidiaries). Control is achieved where Galapagos NV has the power to direct the relevant activities of another entity so as to obtain benefits from its activities. The results of subsidiaries are included in the statement of operations and statement of comprehensive income from the effective date of acquisition up to the date when control ceases to exist. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency with our accounting policies. All intra-group transactions, balances, income and expenses are eliminated when preparing the consolidated financial statements. BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. In the statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognized at their fair value at the acquisition date. The results of acquired operations are included in our consolidated statement of operations from the date on which control is obtained. Any contingent consideration to be transferred by us will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in profit or loss. The excess of the fair value of the total purchase consideration transferred over the fair value of the acquired assets and assumed liabilities is recognized as goodwill. The valuations in support of fair value determinations are based on information available at the acquisition date. Acquisition related costs are expensed as incurred. Contingent amounts payable or paid by us to former shareholders of acquired companies, who continue to be employed by us, but which would be automatically forfeited (or become repayable) upon termination of employment before a specific date, are classified as remuneration for post-combination services on the appropriate line in our consolidated statement of operations. These cash-settled contingent amounts are recognized in accordance with IAS 19 and are recorded in the statement of financial position on the lines “other (non-) current assets” and “other non-current/trade and other liabilities” depending on the timing of the payment by us. GOODWILL Goodwill is initially measured as the excess of the total purchase consideration transferred and the fair value of the acquired assets and assumed liabilities. Subsequently, goodwill is stated at cost less impairments and tested for impairment at least annually at the level of the cash generating unit to which it was allocated. Any impairment costs are recorded in our consolidated statement of operations on the line “Other operating income/expenses”. INTANGIBLE ASSETS OTHER THAN GOODWILL Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from our development activities is recognized only if all of the following conditions are met: ● Technically feasible to complete the intangible asset so that it will be available for use or sale ● We have the intention to complete the intangible assets and use or sell it ● We have the ability to use or sell the intangible assets ● The intangible asset will generate probable future economic benefits, or indicate the existence of a market ● Adequate technical, financial and other resources to complete the development are available ● We are able to measure reliably the expenditure attributable to the intangible asset during its development (i) Internally generated intangible assets The amount capitalized as internally generated intangible assets is the sum of the development costs incurred as of the date that the asset meets the conditions described above. Because of risks and uncertainties inherent to the regulatory authorizations and to the development process itself, management estimates that the conditions for capitalization are not met until we obtain regulatory approval from the competent authorities. Currently we recognize all development costs as an expense in the period in which they are incurred, even for approved products because they do not generate separately identifiable incremental future economic benefits that can be reliably measured. (ii) Licences, rights and in-process research and development Acquired in-process research and development obtained through in-licensing agreements, business combinations, collaboration agreements or separate acquisitions are capitalized as an intangible asset provided that they are separately identifiable, controlled by us and expected to provide economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets, upfront and milestone payments to third parties for products or compounds for which regulatory approval has not yet been obtained are recognized as intangible assets. We consider such intangible assets as not yet available for use until the moment that the underlying asset is approved and commercially launched. Amortization will commence when the underlying asset is approved for commercialization and the asset will be amortized over its useful life. Intangible assets may also consist of upfront fees paid to third party institutions in exchange for an option to negotiate a license to any of the third party’s rights in technology resulting from the collaboration. The upfront fee paid in exchange for this option is capitalized as intangible asset and amortized over the expected duration of the option. Exclusivity contracts and technology acquired through business combinations are valued independently as part of the fair value of the businesses acquired and are amortized over their estimated useful lives. The estimated useful life is based on the lower of the contract life or the economic useful life. In the event an asset has an indefinite life, this fact is disclosed along with the reasons for being deemed to have an indefinite life. Intangible assets with an indefinite useful life and intangible assets which are not yet available for use are tested for impairment annually, and whenever there is an indication that the asset might be impaired. (iii) Software Acquired software is recognized at cost less accumulated amortization and any impairment loss. Amortization is recognized so as to write off the cost of assets over their useful lives (generally between 3 and 5 years), using the straight-line method. (iv) Contract costs Contract costs are those costs we incur to obtain a contract with a customer that we would not have incurred if the contract has not been obtained and are capitalized as intangible assets only if they are expected to be recoverable. Capitalized contract costs are amortized on a systematic basis that reflects the pattern of transfer of the related promised goods or services to the customer. Costs that we would have incurred regardless of whether the contract is obtained or those costs that are not directly related to obtaining a contract would not be capitalized. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment loss. Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is recognized so as to write off the cost of assets over their useful lives, using the straight-line method, on the following bases: ● Installation & machinery: 3 – 15 years ● Furniture, fixtures & vehicles: 4 – 10 years Leasehold improvements are depreciated 3 -10 years, being the term of the lease, unless a shorter useful life is expected. The other tangible assets category mainly consists of assets under construction. Assets under construction are not depreciated. Any gain or loss incurred at the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit or loss. LEASES All leases are accounted for by recognizing a right-of-use asset and a corresponding lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, we will apply the incremental borrowing rate. The lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, expected residual value guarantees, termination penalties and extension option payments or purchase options if we are reasonably certain to exercise this option. After initial recognition, the lease liability will be measured at amortized cost using the discount rate determined at commencement and will be re-measured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. At the commencement date, the right-of-use assets are measured at cost, comprising the amount of the initial lease liability, initial direct costs and the expected dismantling and removing costs (when we incur an obligation for these costs), less any lease incentives received from the lessors. After initial recognition, the right-of-use assets are measured at cost and depreciated over the shorter of the underlying asset's useful life and the lease term on a straight-line basis. The right-of-use assets will be adjusted for any re-measurements of the lease liability as a result of lease modifications. The right-of-use assets are subject to impairment testing if there is an indicator for impairment, as for property, plant and equipment. The right-of-use assets are presented in the statement of financial position under the caption “property, plant and equipment” and the lease liabilities are presented as current and non-current lease liabilities. In determining the lease term, we consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. We only include extension options (or periods after termination options) in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within our control. Each lease payment is allocated between the liability and financial expenses. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. INVENTORIES Inventories consist of raw materials, semi-finished products and finished products. These inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, conversion costs and transportation costs, and is determined using the FIFO-method. FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized in our statement of financial position when we become a party to the contractual provisions of the instrument. We do not actively use currency derivatives to hedge planned future cash flows, nor do we make use of forward foreign exchange contracts, outside of the Gilead transaction, fully settled at December 31, 2019. Additionally, we do not have financial debts at December 31, 2022. (i) Financial assets Financial assets are initially recognized either at fair value or at their transaction price. All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 on the basis of both our business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● a financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option; ● a financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option; ● all other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. We derecognize a financial asset when the contractual rights to the cash flows from the asset expire, or we transfer the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. We classify non-derivative financial assets into the following categories: ● financial assets at fair value through profit or loss (equity instruments, current financial investments and cash equivalents) ● financial assets at amortized cost (receivables, current financial investments and cash and cash equivalents). Financial assets at fair value through profit or loss Financial assets are designated at fair value through profit or loss if we manage such investments and make purchase and sale decisions based on their fair value in accordance with the investment strategy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in profit or loss. Equity instruments We hold investments in equity instruments, which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value of listed investments is based upon the closing price of such securities on Euronext at each reporting date. If there is no active market for an equity instrument, we establish the fair value by using valuation techniques. Current financial investments measured at fair value through profit or loss Current financial investments include financial assets measured at fair value through profit or loss and may comprise short term bond funds that have a maturity equal or less than 12 months, and money market funds. Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss may comprise bonds and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Financial assets at amortized cost Receivables Receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component. All receivables are subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current/non-current R&D incentives receivables. The R&D incentives receivables relate to refunds resulting from R&D incentives on research and development expenses in France and Belgium. Research and development incentives receivables are discounted over the period until maturity date according to the appropriate discount rates. Current financial investments measured at amortized cost Current financial investments measured at amortized cost include treasury bills that have a maturity equal to or less than 12 months. We apply settlement date accounting for the recognition and de-recognition of current financial investments measured at amortized cost. Current financial investments measured at amortized cost also include short-term deposits with maturities exceeding three months from the acquisition date. Cash and cash equivalents measured at amortized cost Cash and cash equivalents measured at amortized cost mainly comprise of notice accounts and short-term deposits that are readily convertible to cash within three months or less and that are subject to an insignificant risk of changes in value. Cash and cash equivalents exclude restricted cash, which is presented in the line other non-current assets in the statement of financial position. (ii) Financial liabilities Financial liabilities are initially measured either at fair value or at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise trade and other liabilities and contingent consideration liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expenses related to our research and development project costs. We derecognize a financial liability when its contractual obligations are discharged, cancelled or expire. Contingent consideration liabilities Any contingent consideration to be transferred by us in relation to businesses acquired are linked to milestone payments and are initially recognized at fair value as a financial liability. They are adjusted for the probability of their likelihood of payment and are appropriately discounted to reflect the impact of time. Changes in the fair value of these contingent consideration liabilities in subsequent periods are recognized in our consolidated statement of operations on the line “other operating income/expense”. The effect of unwinding the discount over time is recognized on the line “other financial expenses”. (iii) Financial instruments: derivative assets/liabilities Financial assets and financial liabilities are recognized on our statement of financial position when we become a party to the contractual provisions of the instrument. Derivative assets and liabilities are initially measured at fair value. After initial measurement we will measure the derivatives at fair value through profit or loss. TAXATION Income tax in the profit or loss accounts represents the sum of the current tax and deferred tax. Current tax is the expected tax payable on the taxable profit of the year. The taxable profit of the year differs from the profit as reported in the financial statements as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Our liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income tax is provided in full, using the liability-method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. As such, a deferred tax asset for the carry forward of unused tax losses will be recognized to the extent that is probable that future taxable profits will be available. FOREIGN CURRENCIES ● Functional and presentation currency Items included in the financial statements of each of our entities are valued using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros, which is our presentation currency. ● Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at closing rates of monetary assets and liabilities denominated in foreign currencies are recognized in the financial result in the statement of operations. Non-monetary assets and liabilities measured at historical cost that are denominated in foreign currencies are translated using the exchange rate at the date of the transaction. ● Financial statements of foreign group companies The results and financial position of all our entities that have a functional currency different from Euro are translated as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of operations are translated at average exchange rates; ● All resulting cumulative exchange differences are recognized as a separate component of equity; ● Such cumulative exchange differences are recognized in profit or loss in the period in which the foreign operation is disposed of. RECOGNITION OF EXPENSES LINKED TO CLINICAL TRIAL MILESTONES We recognize expenses specifically linked to clinical trial milestones with regard to patient recruitment and patient treatment (i.e. completion), incurred in carrying out clinical trials, in line with actual patient recruitment or treatment at each period end, in reference to the milestone targets for patient recruitment or treatment. This involves the calculation of clinical trial accruals at each period end, for which an estimation of the expected full clinical trial milestone cost is required, as well as the current stage of patient recruitment or treatment. Clinical trials usually take place over extended time periods and typically involve a set-up phase, a recruitment phase and a completion phase which ends upon the receipt of a final report containing full statistical analysis of trial results. Accruals for patient recruitment and patient completion are prepared separately for each clinical trial in progress and take into consideration the stage of completion of each trial including the number of patients that have entered the trial and the number of patients that have been treated in the trial. In all cases, the full cost of each trial is expensed by the time the final report is received. REVENUE RECOGNITION Revenues to date have consisted principally of collaboration revenues, which consist of milestones, license fees, non-refundable upfront fees and royalties received in connection with collaboration and license agreements. We also generated revenue from our fee-for-service activities, which is reported as discontinued operations per December 31,2020 and per December 31,2021. The revenue recognition policies can be summarized as follows: We recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, we perform the following five steps: COLLABORATION REVENUES (i) identify the contract In our agreements with customers we are mainly transferring licenses on our IP and in some cases this is combined with access rights and/or providing research and development services and/or cost sharing mechanisms. In some cases our collaborations also include an equity subscription component. If this is the case, we analyze if the criteria to combine contracts, as set out by IFRS 15, are met. (ii) identify the performance obligations in the contract Depending on the type of the agreement, there can be one or more distinct performance obligations under IFRS 15. This is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. For some of our agreements we combine the transfer of the license with the performance of research and development activities because we consider that the license is not capable of being distinct and is not distinct in the context of the contract. (iii) determine the transaction price Collaboration and license agreements with our commercial partners for research and development activities generally include non- upfront fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; license fees, royalties on sales and sometimes reimbursement income or profits sharing arrangements. a/ License fees or upfront payments If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the customer and the customer has the right to use the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer. b/ Milestone Payments other than sales based milestones A milestone payment is only included in the transaction price to the extent that it is highly probable . W price we estimate the amount to be included in the transaction price using the most likely amount method. The transaction price is allocated to each performance obligation on a stand-alone selling price basis. We recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint. If necessary we adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. c/ Reimbursement Income for R&D Services Collaboration and license agreements may include reimbursement or cost sharing for research and development services: such as outsourcing costs and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by us. Such costs reimbursements received are recognized in revenues when costs are incurred and agreed by the parties when we are acting as a principal in the scope of our stake of the R&D activities. If the later condition is not fulfilled, costs reimbursements are d/ Sales based milestone payment and Royalties License and collaboration agreements include sales-based royalties, including commercial milestone payments based on the level of sales, and the license has been deemed to be the predominant item to which the royalties relate. Related revenue is recognized as the subsequent underlying sales occur. (iv) allocate the transaction price to the performance obligations in the contract We allocate the transaction price to each performance obligation identified in the contract based upon the stand-alone selling price. The stand-alone selling price of each performance obligation is estimated by using one of the following methods: adjusted (v) recognize revenue when (or as) the entity satisfies a performance obligation Revenue is recognized when our customer obtains control of the goods and/or services foreseen in the contracts. The control can be transferred In case of revenue recognition over time, we use an input model that considers estimates of the percentage of total research and development costs that are completed each period compared to the total estimated costs (percentage of completion method PRODUCT NET SALES Revenue on the sale of Jyseleca is recorded as “Product net sales” in our consolidated statement of operations. Product net sales is the net amount of revenue recognized resulting from transferring control over our products to our customer (for example wholesalers and hospitals). Product sales revenue is recognized at a point in time when control of the goods has transferred The amount of revenue recognized is the amount allocated to the satisfied performance obligation taking into account variable consideration. The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration that is included in the transaction price is primarily composed of rebates, discounts, cash discounts and chargebacks granted to various customers that are part of commercial and governmental contractual arrangements or other reimbursement The amount of variable consideration is estimated using several elements such third-party market data, product pricing, the specific terms in the indivi |
Critical accounting judgments a
Critical accounting judgments and key sources of estimation uncertainty | 12 Months Ended |
Dec. 31, 2022 | |
Critical accounting judgments and key sources of estimation uncertainty | |
Critical accounting judgments and key sources of estimation uncertainty | 4. Critical accounting judgments and key sources of estimation uncertainty In the application of the accounting policies, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Our estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revisions and future periods if the revision affects both current and future periods. The following are the critical judgments that we have made in the process of applying the accounting policies and the key sources of estimation that have the most significant effect on the amounts recognized in the consolidated financial statements presented elsewhere in this annual report. Critical judgments in applying accounting policies IFRS 15 – Revenue recognition Gilead Our critical judgments were as follows: Identification of the contract ● Despite our obligation to pay future sales-based royalties to Gilead and a change in the governance structure for the development activities, management judged that all activities are still beneficial for the further development of filgotinib, for which Gilead still owns the ex-Europe rights. All contract modifications have thus been analyzed following the requirements of IFRS 15 as we concluded that Gilead is still to be considered as a customer. This is also supported by the fact that we concluded that there continues to be only one performance obligation with respect to filgotinib. Identification of the performance obligation ● The modifications of 2020 and 2021 did not give rise to new performance obligations. There was only a change in scope and price of the existing filgotinib performance obligation, which was only partly satisfied at the time of the modification. It’s management’s judgement that the Group A and Group B development activities (see note 2 for more details) still to be performed are interrelated and thus cannot be seen as separate performance obligations. Based on this, the contract modification has been treated on a cumulative catch-up basis under IFRS 15. Allocation of the total transaction price ● The increased fixed consideration as result of the modification has been allocated in its entirety to the filgotinib performance obligation. We assessed that the contract modification only changes the scope of the filgotinib performance obligation and the change in both fixed and variable consideration is reflective of the updated stand-alone selling price for the remaining activities of this performance obligation. If we would have concluded that the increased consideration was not, or only partially, related to the filgotinib performance obligation, the consideration would have been potentially allocated to other performance obligations in the contract, which would alter the timing of revenue recognition. ● The denominator used in the calculation of the percentage of completion reflects our best estimate of the total costs to complete the filgotinib performance obligation. These costs were assessed considering management’s best estimate of the design and duration of ongoing and planned clinical trials. Key sources of estimation uncertainty The following are the key sources of estimation uncertainty that have the most significant effect on the amounts recognized in our consolidated financial statements for the year ended December 31, 2022. Costs to complete the filgotinib performance obligation The denominator used in the calculation of the percentage of completion reflects our best estimate of the total costs to complete the filgotinib performance obligation (which is composed of the actual costs already incurred at reporting date and our best estimate of the remaining costs to complete the performance obligation). As our estimate of the costs is depending on the evolution of the development activities, it may be subject to change in the future. If the outcome of certain activities would be different from the assumptions that we made, it could lead to a material adjustment to the total estimated costs, resulting in a reallocation of revenue between current and future periods. Revenue recognized for upfront payments and milestone payments in 2022 amounted to €174.4 million. Our total deferred income balance related to this filgotinib performance obligation amounts to €456.4 million on December 31, 2022. At reporting date, had our best estimate of the remaining cost to complete the filgotinib performance obligation been increased by 5%, this would have resulted in a decrease in revenue recognition in 2022 of €15.4 million and a corresponding increase in current and non-current deferred income. Had our best estimate of the remaining cost to complete the filgotinib performance obligation been decreased by 5%, this would have resulted in an increase in revenue recognition in 2022 of €16.0 million and a corresponding decrease in current and non-current deferred income. Goodwill impairment Determining whether goodwill is impaired requires an estimation of the recoverable amount of the cash-generating unit to which the goodwill has been allocated. The calculation of this recoverable amount includes forecasts of future cash flows of the cash-generating unit (highly dependent upon the probability of success linked to the progress of our clinical programs) and an appropriate discount rate is required to calculate present values, a process which involves estimates. These estimates are constantly monitored and an impairment test will be executed as soon as there is an impairment indicator and at least annually. The carrying value of goodwill at December 31, 2022 is €69.8 million. Contingent consideration The contingent consideration included in the consideration payable for the acquisition of CellPoint was recorded at fair value at the date of acquisition. These fair values were mainly based on our best estimate of probabilities of reaching the underlying milestones and by applying an appropriate discount rate. The fair values are reviewed at each reporting date and any changes are reflected in our consolidated statement of operations. We refer to the specific note on contingent consideration for more details. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Segment information | 5. Segment information We currently operate as a single operating segment. Prior to the disposal of Fidelta in 2021 we had two reportable segments: R&D and fee-for-service business. Operating segments are identified as components of an entity about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. The chief operating decision maker made such decisions and assessed performance at the company level, as one segment. GEOGRAPHICAL INFORMATION In 2020, 2021 and 2022, our continuing operations were mainly located in Belgium, France, the Netherlands, Germany, Italy, Spain, Switzerland and United Kingdom. The revenues from our collaboration partner Gilead represented 82% of our total net revenues in 2022 (97% in 2021, 99% in 2020). In 2022 we reported €87.6 million of product net sales for Jyseleca in Europe (€14.8 million in 2021), of which €7.3 million realized in Belgium (€1.7 million in 2021). Following table summarizes the collaboration revenues by destination of customer: Year ended December 31, 2022 2021 2020 (Euro, in thousands) United States of America € 414,129 € 467,978 € 472,445 Europe 3,552 2,114 5,605 Total collaboration revenues € 417,681 € 470,093 € 478,051 Following table summarizes the collaboration revenues by major customers: Year ended December 31, 2022 2021 2020 (Euro in thousands) % (Euro, in thousands) % (Euro in thousands) % Gilead: United States of America € 414,129 100% € 467,978 100% € 472,445 99% Europe 1,452 0% 2,071 0% 1,460 0% AbbVie: Europe — 0% — 0% (52) 0% Novartis: Europe 56 0% — 0% 4,125 1% Total revenues from major customers € 415,637 100% € 470,049 100% € 477,978 100% As of December 31, 2022, we held €370.4 million of non-current assets (€197.6 million in 2021; €170.9 million in 2020) distributed as follows: December 31, 2022 2021 2020 (Euro, in thousands) Belgium € 72,087 € 98,295 € 113,524 France 20,397 21,051 18,398 The Netherlands 255,461 66,621 28,210 Switzerland 4,962 7,181 7,668 Spain 3,037 3,029 2,755 United States of America 12,729 136 372 Other 1,747 1,302 16 Total non-current assets € 370,420 € 197,615 € 170,943 As the net assets associated with Fidelta d.o.o. (Croatia) will be recovered principally through a sale transaction rather than through continuing use, we have classified these assets and the associated liabilities as held for sale in our financial statements for the year ended December 31, 2020. |
Total revenues
Total revenues | 12 Months Ended |
Dec. 31, 2022 | |
Total revenues | |
Total revenues | 6. Total revenues PRODUCT NET SALES We reported net sales of Jyseleca for the year ended December 31, 2022 amounting to €87.6 million, compared to €14.8 million for the year ended December 31, 2021. Our counterparties for the sales of Jyseleca during 2022 were mainly hospitals and wholesalers located across Europe. Net sales exclusively consisted of sales of Jyseleca. Cost of sales related to Jyseleca net sales for the year ended December 31, 2022 amounted to €12.1 million, compared to €1.6 million for the year ended December 31, 2021. COLLABORATION REVENUES The following table summarizes details of collaboration revenues for the years ended December 31, 2022, 2021 and 2020 by collaboration and by category of revenue: upfront payments and license fees, milestone payments, reimbursement income, and royalties. Over time Point in time 2022 2021 2020 (Euro, in (Euro, in (Euro, in thousands) thousands) thousands) Recognition of non-refundable upfront payments and license fees € 370,078 € 433,884 € 411,417 Gilead collaboration agreement for filgotinib Ö 139,655 203,301 181,816 Gilead collaboration agreement for drug discovery platform Ö 230,423 230,582 229,601 Milestone payments 36,777 32,408 46,261 Gilead collaboration agreement for filgotinib Ö 34,777 32,408 46,261 Sobi distribution agreement for Jyseleca Ö 2,000 - - Reimbursement income 56 - 4,073 Novartis collaboration agreement for MOR106 Ö 56 - 4,125 AbbVie collaboration agreement for CF Ö - - (52) Royalties 10,770 3,801 16,300 Gilead royalties on Jyseleca Ö 10,726 3,757 16,227 Other royalties Ö 44 43 72 Total collaboration revenues € 417,681 € 470,093 € 478,051 The below table summarizes the transaction price of our collaboration with Gilead. December 31, 2020 Other movements in 2021 Filgotinib amendment (September 6, 2021) December 31, 2021 Other movements in 2022 December 31, 2022 Allocation of transaction price Upfront consideration € 4,005,373 € 12,643 € 4,018,016 € 4,018,016 Milestones achieved 194,363 194,363 € 18,238 212,601 Royalties 16,227 € 3,757 19,984 10,726 30,710 Impact initial valuation of share subscription 124,604 124,604 124,604 4,340,567 3,757 12,643 4,356,967 28,964 4,385,931 Less : Warrants issuance liabilities Warrant A (43,311) (43,311) (43,311) Initial warrant B (2,545) (2,545) (2,545) Subsequent warrant B (7,859) 5,417 (2,442) 1,714 (728) 4,286,852 9,174 12,643 4,308,669 30,678 4,339,347 Allocation to performance obligations Ziritaxestat 666,967 666,967 666,967 Filgotinib (1) 1,326,814 3,757 € 12,643 1,343,214 28,964 1,372,178 Drug discovery platform (10 years) € 2,293,072 € 5,417 € 2,298,489 € 1,714 € 2,300,203 (1) With regard to the additional consideration received as a result of the Option, License and Collaboration agreement (July 14, 2019) allocated to the filgotinib performance obligation, we assumed the existence of a significant financing component estimated to €44.5 million as of December 31, 2019 reflecting the time value of money on the estimated recognition period. This financing component was reassessed to €55.3 million as of December 31, 2020, to €57.3 million on December 31, 2021 and to €58.7 million on December 31, 2022. In 2022, we received $20.0 million ( €18.2 million) of milestone payment for the regulatory approval of filgotinib in UC in Japan and we recognized €10.7 million of royalties from Gilead. A summary of our main contracts with customers and distribution/commercialization partners is given below: Collaboration with Gilead We refer to note 2 of this financial report for a general description of our collaboration with Gilead. We retain the following three performance obligations, of which the first one was satisfied completely in 2019; (i) the transfer of an extended license on GLPG1690, (ii) the granting of exclusive access to our drug discovery platform (i.e. the IP, technology, expertise and capabilities) during the collaboration period and exclusive option rights on our current and future clinical programs after Phase 2 (or, in certain circumstances, the first Phase 3 study) outside Europe and (iii) an increased cost share from 20/80 to 50/50 to 100/0 (for Group A activities only) on the global development activities of filgotinib, until we complete the remaining development activities (Group A and Group B activities). We concluded as follows: Determination of the total transaction price ● Financing component ● Filgotinib amendment ● ● ● Access rights to the drug discovery platform, option rights and R&D activities ● ● 10 10 Collaboration with Sobi In October 2021, we signed an agreement with Sobi regarding the distribution of Jyseleca. Sobi will distribute the medicine in Central and Eastern Europe, Greece, Portugal, and the Baltic countries. |
Operating costs and other opera
Operating costs and other operating income | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Operating costs and other operating income | 7. Operating costs and other operating income RESEARCH AND DEVELOPMENT EXPENDITURE The following table summarizes research and development expenditure for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (190,085) € (165,239) € (161,509) Subcontracting (214,906) (251,085) (301,841) Disposables and lab fees and premises costs (21,356) (24,025) (22,349) Depreciation (54,462) (17,518) (11,707) Professional fees (15,167) (15,862) (12,692) Other operating expenses (19,107) (17,978) (13,570) Total R&D expenses € (515,083) € (491,707) € (523,667) The table below summarizes our research and development expenditure for the years ended December 31, 2022, 2021 and 2020, broken down by program. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Filgotinib program € (245,286) € (171,204) € (126,879) Ziritaxestat program (1,096) (26,725) (55,902) SIKi program (47,727) (91,957) (87,107) TYK2 program on GLPG3667 (24,467) (27,141) (20,199) CAR-T programs in oncology (29,999) — — Other programs (166,507) (174,680) (233,580) Total R&D expenses € (515,083) € (491,707) € (523,667) SALES AND MARKETING EXPENSES The following table summarizes the sales and marketing expenses for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (71,878) € (59,102) € (31,727) Depreciation (2,473) (504) (140) External outsourcing costs (54,057) (62,321) (31,885) Sales and marketing expenses recharged to Gilead 31 59,699 4,711 Professional fees (4,222) (532) (3,420) Other operating expenses (14,956) (7,196) (4,007) Total sales and marketing expenses € (147,555) € (69,956) € (66,468) GENERAL AND ADMINISTRATIVE EXPENSES The following table summarizes the general and administrative expenses for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (85,034) € (71,190) € (70,110) Depreciation and impairment (8,631) (16,621) (5,147) Legal and professional fees (24,368) (26,072) (25,592) Other operating expenses (26,898) (27,016) (17,908) Total general and administrative expenses € (144,931) € (140,899) € (118,757) OTHER OPERATING INCOME The following table summarizes other operating income for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Grant income € 1,873 € 7,334 € 5,452 R&D incentives 38,527 44,888 45,951 Other income 6,448 1,526 804 Total other operating income € 46,848 € 53,749 € 52,207 |
Staff costs
Staff costs | 12 Months Ended |
Dec. 31, 2022 | |
Staff costs | |
Staff costs | 8. Staff costs The following table illustrates the personnel costs for the years 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Wages and salaries € (197,013) € (175,167) € (139,681) Social security costs (32,543) (29,934) (26,471) Pension costs (10,881) (8,467) (7,337) Costs related to subscription right plans (88,493) (70,726) (79,959) Other personnel costs (18,067) (11,237) (9,897) Total personnel costs € (346,997) € (295,531) € (263,345) |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Financial result | 9. Financial result The following table summarizes the financial result, consisting of fair value adjustments and net currency exchange differences, other financial income and other financial expenses for the years ended December 31, 2022, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Fair value adjustments and net currency exchange differences: Net currency exchange gain/loss (-) € 44,359 € 56,492 € (105,718) Fair value re-measurement of warrants 186 2,960 3,034 Fair value gain/loss (-) on financial assets held at fair value through profit or loss — (4,919) 2,397 Fair value gain/loss (-) on current financial investments 6,929 6,763 (15,901) Total fair value adjustments and net currency exchange differences 51,473 61,296 (116,188) Other financial income: Interest on bank deposit 18,110 2,865 10,030 Discounting effect of non-current R&D incentives receivables 93 93 93 Other finance income 376 100 1,450 Total other financial income 18,578 3,058 11,573 Other financial expenses: Interest expenses (6,967) (11,656) (9,389) Discounting effect of non-current deferred income (7,672) (9,289) (16,278) Discounting effect of other non-current liabilities (2,271) — — Loss upon sale of financial assets held at fair value through profit or loss — — (88) Other finance charges (769) (812) (773) Total other financial expense (17,679) (21,757) (26,528) Total net other financial expense (-)/ income € 52,372 € 42,598 € (131,143) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 10. Income taxes INCOME TAXES The following table summarizes the income tax recognized in profit or loss for the years ended December 31, 2020, 2021 and 2020. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Continuing operations Current tax € (4,071) € (2,020) € (1,069) Deferred tax 1,227 (404) (157) Income taxes € (2,844) € (2,423) € (1,226) TAX LIABILITIES The below table illustrates the tax liabilities related captions in the consolidated statement of financial positionas at December 31, 2022, 2021 and 2020. December 31, 2022 2021 2020 (Euro, in thousands) Current tax payable € 1,022 € 1,782 € 1,248 Total tax liabilities € 1,022 € 1,782 € 1,248 On December 31, 2022, the tax liabilities were primarily related to our subsidiaries operating on a cost plus basis. TAXES RECOGNIZED IN STATEMENT OF OPERATIONS For the purpose of the disclosure below corporation tax was calculated at 25% (2021 and 2020: 25%)—which is the tax rate applied in Belgium—on the estimated assessable profit for the year. The applied tax rate for other territorial jurisdictions was the tax rate that is applicable in these respective territorial jurisdictions on the estimated taxable result of the accounting year. Year ended December 31, 2022 2021 2020 (Euro, in thousands) Loss before tax € (215,147) € (122,999) € (309,775) Income tax debit/credit (-), calculated using the Belgian statutory tax rate on the accounting income/loss (-) before tax (theoretical) (53,787) (30,750) (77,444) Tax expenses in statement of operations (effective) 2,844 2,423 1,226 Difference in tax expense/income to explain € 56,631 € 33,173 € 78,670 Effect of tax rates in other jurisdictions € (337) € (582) € 184 Effect of non-taxable revenues (7,642) (9,413) (10,196) Effect of share based payment expenses without tax impact 22,127 17,682 19,990 Effect of expenses/income (-) not subject to tax (146) (907) (639) Effect of non tax-deductible expenses 3,224 3,812 1,053 Effect of recognition of previously non-recognized deferred tax assets (1,677) (1,411) (475) Effect of tax losses (utilized) reversed — (404) (150) Effect of under or over provision in prior periods 1,101 (840) (25) Effect of non-recognition of deferred tax assets 38,104 25,613 69,141 Effect of derecognition of previously recognized deferred tax assets 1,877 135 157 Effect of use of investment deduction — (512) (370) Total explanations € 56,631 € 33,173 € 78,670 Non-taxable revenues for the years ended December 31, 2022, 2021 and 2020 related to non-taxable subsidies and tax credits. |
Income_loss (-) per share
Income/loss (-) per share | 12 Months Ended |
Dec. 31, 2022 | |
Income/loss (-) per share | |
Income/loss (-) per share | 11. Income/loss (-) per share Basic income/loss (-) per share is calculated by dividing the net income/loss (-) attributable to shareholders by the weighted average number of ordinary shares outstanding during the year. Diluted income/loss (-) per share is calculated based on the weighted average number of shares (diluted) also considering outstanding warrants, for which our average share price of the year was higher than the exercise price. Income/loss (-) per share Year ended December 31, 2022 2021 2020 Loss per share: Net loss attributable to owners of the parent (Euro, in thousands) € (217,991) € (103,231) € (305,436) Number of shares (thousands) Weighted average number of shares for the purpose of basic income/loss (-) per share 65,699 65,500 65,075 Basic loss per share (Euros) € (3.32) € (1.58) € (4.69) Net loss attributable to owners of the parent (Euro, in thousands) € (217,991) € (103,231) € (305,436) Number of shares (thousands) Weighted average number of shares for the purpose of diluted income/loss (-) per share 65,699 65,500 65,075 Number of dilutive potential ordinary shares — — — Diluted loss per share (Euros) € (3.32) € (1.58) € (4.69) As our operations reported a net loss in 2022, in 2021 and 2020, the outstanding warrants (specified in note |
Goodwill and impairment of good
Goodwill and impairment of goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and impairment of goodwill | |
Goodwill and impairment of goodwill | 12. Goodwill and impairment of goodwill The following table illustrates the goodwill at December 31, 2022: Cost (Euro, in thousands) On January 1, 2022 € — Recognized on acquisition of subsidiaries 69,893 Exchange differences on goodwill (80) On December 31, 2022 € 69,813 The goodwill resulting from both the acquisition of CellPoint (€62.4 million) and AboundBio (€7.4 million) was allocated to the same cash-generating unit, “oncology”. The intangible assets acquired as a result of both business combinations were also allocated to this cash-generating unit, together with some other (in)tangible assets related to the “oncology” cash-generating unit. The valuation method of the recoverable amount of this cash-generating unit is based on the fair value less costs of disposal. The valuation technique that was applied to determine the fair value less costs of disposal of the cash-generating unit is a discounted cash flow method (“DCF”) with projected cash flows that cover a period of 13 years . The period considered exceeds five years because the main sales are expected for the period beyond 2027.The key assumptions used in this valuation (level 3 in the fair value hierarchy) of the recoverable amount of the underlying cash-generating unit were: ● Probability of success of our clinical programs that is based on benchmarks in combination with management estimate ● Terminal growth rate of -50% reflecting the anticipated sales evolution beyond 2035 ● Discount rate of 12.5% ● Future revenue and investment assumptions are based on management estimates of the overall cell therapy market No impairment was identified per December 31, 2022. Reference is made to note 26 “Business combinations during the period” for a detailed description of both business combinations. |
Intangible assets other than go
Intangible assets other than goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill. | |
Intangible assets other than goodwill | 13. Intangible assets other than goodwill Software & databases Licenses, rights, technology and in-process R&D Contract costs Total (Euro, in thousands) Acquisition value On January 1, 2020 € 14,541 5,172 15,384 35,099 Additions 9,494 39,299 48,793 Sales and disposals (17) (17) Reclassifications to assets held for sale (159) (38) (197) Translation differences (143) (1) (144) On December 31, 2020 23,717 44,432 15,384 83,534 Additions 2,423 1,250 3,673 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 24,554 € 39,929 € 15,384 € 79,868 Impact of acquisitions of businesses 124,570 124,570 Additions 1,126 8,423 9,549 Sales and disposals (913) (36,298) (37,211) Translation differences (36) (36) On December 31, 2022 € 24,767 € 136,588 € 15,384 € 176,740 Amortization and impairment On January 1, 2020 € 8,034 1,626 512 10,173 Amortization 2,303 2,289 1,538 6,130 Sales and disposals (17) (17) Reclassifications to assets held for sale (143) (33) (176) Translation differences (142) (142) On December 31, 2020 10,034 3,883 2,050 15,968 Amortization 3,529 2,053 1,538 7,120 Impairment 4,016 4,016 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 11,977 € 4,199 € 3,588 € 19,765 Amortization 3,967 6,666 1,538 12,171 Impairment 35,666 35,666 Sales and disposals (913) (36,298) (37,211) Translation differences (4) (4) On December 31, 2022 € 15,031 € 10,229 € 5,126 € 30,387 Carrying amount On December 31, 2020 € 13,683 € 40,549 € 13,334 € 67,565 On December 31, 2021 € 12,577 € 35,730 € 11,796 € 60,103 On December 31, 2022 € 9,736 € 126,359 € 10,258 € 146,354 Impact of acquisition of businessess in 2022 refers to the acquisition of CellPoint and AboundBio. We refer to note 26 ‘Business combinations during the period’. In 2022 we recorded an impairment of €26.7 million on previously capitalized upfront fees related to our collaboration with Molecure on the dual chitinase inhibitor OATD-01 (GLPG4716) in fibrosis, and impairments of €8.9 million on intangible assets related to other discontinued projects. On December 31, 2022, our statement of financial position did not hold any internally generated assets capitalized as intangible asset. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Property, plant and equipment | 14. Property, plant and equipment FULLY OWNED Land, buildings & leasehold improvements Installation & machinery Furniture, fixtures & vehicles Other tangible assets Total (Euro, in thousands) Acquisition value On January 1 , 2020 € 5,284 44,655 4,028 17,856 71,823 Additions 885 3,737 1,824 32,218 38,664 Sales and disposals (51) (1,096) (81) (1,228) Reclassifications 10,625 (623) 2,084 (12,086) — Reclassifications to assets held for sale (2) (8,938) (484) (686) (10,110) Translation differences (2) (127) (19) (30) (178) On December 31, 2020 16,739 37,607 7,352 37,273 98,972 Additions 1,924 4,453 434 46,028 52,839 Sales and disposals (1,001) (1,177) (9,316) (11,494) Reclassifications 7,273 5,210 1,175 (13,658) — Translation differences 195 1 45 (3) 238 On December 31, 2021 26,131 € 46,270 € 7,829 € 60,324 € 140,555 Impact of acquisitions of businesses 29 2,117 108 2,254 Additions 914 5,688 3,438 19,296 29,336 Sales and disposals (2,846) (600) (1,344) (4,790) Reclassifications 64,286 3,580 167 (68,033) — Translation differences 205 (15) 43 233 On December 31, 2022 € 88,719 € 57,040 € 10,241 € 11,587 € 167,588 Depreciations and impairment On January 1 , 2020 € 3,080 25,885 2,119 31 31,117 Depreciation 654 3,587 1,418 7 5,666 Sales and disposals (51) (1,058) (77) (1,186) Reclassifications 46 (1,675) 1,629 — Reclassifications to assets held for sale (4,327) (448) (39) (4,814) Translation differences (1) (61) (13) (75) On December 31, 2020 3,728 22,350 4,628 — 30,708 Depreciation 1,749 3,398 1,113 6,260 Impairment 9,316 9,316 Sales and disposals (1,000) (1,178) (9,316) (11,494) Translation differences 28 1 18 47 On December 31, 2021 5,505 € 24,749 € 4,582 € — € 34,837 Depreciation 4,433 4,336 1,265 10,034 Sales and disposals (2,173) (574) (1,328) (4,075) Translation differences 49 (1) 18 66 On December 31, 2022 € 7,814 € 28,510 € 4,537 € — € 40,862 Carrying amount On December 31, 2020 € 13,011 € 15,257 € 2,724 € 37,273 € 68,264 On December 31, 2021 € 20,626 € 21,521 € 3,247 € 60,324 € 105,718 On December 31, 2022 € 80,905 € 28,530 € 5,704 € 11,587 € 126,726 The other tangible assets primarily consist of assets under construction, which are not yet available for use and therefore not yet depreciated as per December 31, 2022. During 2022, the construction of our new building in Oegstgeest (the Netherlands) was completed which explains the reclassification from “other tangible assets” to “land, building and building improvements” for €64.3 million. In 2021 we recorded an exceptional impairment of €9.3 million on the other tangible fixed assets following our decision to reassess the construction project of our new future headquarter location in Mechelen (Belgium). RIGHT-OF-USE Land & building Installation & machinery Furniture, fixtures & vehicles Total (Euro, in thousands) Acquisition value On January 1, 2020 € 27,364 554 3,307 31,225 Additions 18,341 186 2,932 21,459 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (5,940) (263) (6,202) Translation differences (88) (3) (90) On December 31, 2020 39,678 734 5,812 46,225 Additions 1,722 110 5,092 6,924 Sales and disposals (4,160) (251) (722) (5,133) Translation differences 221 2 223 On December 31, 2021 37,461 € 593 € 10,184 € 48,239 Additions 703 3,603 4,306 Sales and disposals (3,554) (156) (1,274) (4,984) Translation differences 224 (8) 216 On December 31, 2022 € 34,834 € 437 € 12,505 € 47,777 Depreciations and impairment On January 1, 2020 € 4,670 342 867 5,879 Depreciation 5,350 128 1,405 6,883 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (1,334) (115) (1,448) Translation differences (36) (1) (36) On December 31, 2020 8,651 464 1,995 11,111 Depreciation 5,466 161 2,296 7,923 Sales and disposals (1,696) (251) (722) (2,669) Translation differences 79 79 On December 31, 2021 12,500 € 374 € 3,569 € 16,444 Depreciation 4,421 134 3,141 7,696 Sales and disposals (2,602) (156) (1,235) (3,993) Translation differences 105 (2) 103 On December 31, 2022 € 14,424 € 352 € 5,473 € 20,250 Carrying amount On December 31, 2020 € 31,027 € 270 € 3,817 € 35,113 On December 31, 2021 € 24,961 € 219 € 6,615 € 31,794 On December 31, 2022 € 20,410 € 85 € 7,032 € 27,526 December 31, 2022 2021 2020 (Euro, in thousands) Carrying amount Property, plant and equipment fully owned € 126,726 € 105,718 € 68,264 Right-of-use 27,526 31,794 35,113 Total property, plant and equipment € 154,252 € 137,512 € 103,378 There are no pledged items of property, plant and equipment. There are also no restrictions in use on any items of property, plant and equipment. |
Other non-current assets
Other non-current assets | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets | |
Other non-current assets | 15. Other non-current assets Other non-current assets consisted of non-current restricted cash, financial assets held at fair value through profit or loss and other non-current assets. December 31, 2022 2021 2020 (Euro, in thousands) Non-current restricted cash € 4,569 € 1,425 € 1,482 Financial assets held at fair value through profit or loss — — 8,951 Other non-current assets 1,209 1,048 910 Total other non-current assets € 5,778 € 2,473 € 11,343 Restricted cash on December 31, 2022 was composed of bank guarantees on real estate lease obligations for €1.8 million, as well as bid and performance bonds of €2.5 million and bank guarantees on import duties of €0.3 million. Restricted cash on December 31, 2021 was composed of bank guarantees on real estate lease obligations in Belgium and in the Netherlands for €1.0 million and €0.4 million respectively. Financial assets held at fair value through profit or loss on December 31, 2020 consisted of equity instruments of both listed and non-listed companies. During 2021 all equity instruments of the listed companies were sold. We have no restrictions on the sale of these equity instruments and the assets are not pledged under any of our liabilities. These instruments are designated as financial assets held at fair value through profit or loss. Fair value changes on financial assets with fair value through profit or loss are recognized directly in profit or loss, in fair value adjustments and net exchange differences, as part of the financial result. The table below illustrates these financial assets held at fair value through profit or loss as at December 31, 2022, 2021 and 2020. December 31, 2022 2021 2020 (Euro, in thousands) Costs at January 1, € 1,994 € 3,910 € 4,736 Acquisitions of the year 12 12 1,994 Disposals of the year — (1,928) (2,820) Costs at December 31, 2,006 1,994 3,910 Fair value adjustment at January 1, (1,994) 5,042 6,539 Cancellation of fair value adjustment following disposal — (2,116) (3,894) Fair value adjustment of the year (12) (4,920) 2,397 Fair value adjustment at December 31, (2,006) (1,994) 5,042 Net book value at December 31, € — € — € 8,951 |
Research and Development incent
Research and Development incentives receivables | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development incentives receivables | |
Research and Development incentives receivables | 16. Research and Development incentives receivables The table below illustrates the R&D incentives receivables related captions in the balance sheet at December 31, 2022, 2021 and 2020: December 31, 2022 2021 2020 (Euro, in thousands) Non-current R&D incentives receivables € 119,941 € 127,186 € 111,624 Current R&D incentives receivables 26,126 16,827 24,104 Total R&D incentives receivables € 146,067 € 144,013 € 135,728 The R&D incentives receivables are future expected refunds or tax deductions resulting from R&D incentives on research and development expenses in France and Belgium. Non-current R&D incentives receivables are reported at their net present value and are therefore discounted over the period until maturity date. The table below provides detailed information on the maturity of the non-current R&D incentives receivables reported in our statement of financial position at December 31, 2022. Non-current R&D incentives receivables December 31, 2022 Maturity date 2024 2025 2026 2027 2028-2032 Total (Euro, in thousands) French non-current R&D incentives receivables - discounted value € 11,713 11,495 11,207 — — € 34,415 Belgian non-current R&D incentives receivables - discounted value 16,805 18,604 19,443 13,908 16,767 85,526 Total non-current R&D incentives receivables - discounted value € 28,518 € 30,099 30,650 13,908 16,767 € 119,941 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Inventories | 17. Inventories December 31, 2022 2021 2020 (Euro, in thousands) Raw materials € 39,071 € 14,351 Semi-finished products 5,791 1,376 Finished products 8,063 4,842 € 36 Total inventories € 52,925 € 20,569 € 36 |
Trade and other receivables and
Trade and other receivables and other current assets | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables and other current assets | |
Trade and other receivables and other current assets | 18. Trade and other receivables and other current assets December 31, 2022 2021 2020 (Euro, in thousands) Non-current trade receivables — — € 50,000 Trade receivables € 28,194 € 91,786 134,632 Prepayments 488 202 219 Other receivables 11,747 19,349 13,568 Trade and other receivables 40,429 111,337 148,418 Consumables inventory — — 319 Accrued income 11,277 639 1,096 Deferred charges 12,029 9,306 10,502 Other current assets 23,307 9,945 11,917 Total trade and other receivables & other current assets € 63,735 € 121,282 € 210,335 The carrying amount of trade and other receivables approximates their fair value. Other current assets mainly included accrued interest income and deferred charges. On December 31, 2022, we did not have any provision for expected credit losses. |
Current financial investments
Current financial investments | 12 Months Ended |
Dec. 31, 2022 | |
Current financial investments | |
Current financial investments | 19. Current financial investments December 31, 2022 2021 2020 (Euro, in thousands) Money market funds € 1,292,514 € 1,317,460 € 1,571,858 Treasury bills 749,835 877,349 1,454,420 Term deposits 1,543,596 275,000 — Total current financial investments € 3,585,945 € 2,469,809 € 3,026,278 Term deposits refer to non-cancellable term deposits with a maturity exceeding three months from the acquisition date. Our portfolio of treasury bills contains only AAA rated paper, issued by Germany. Our money market funds portfolio consists of AAA short-term money market funds with a diversified and highly rated underlying portfolio managed by established fund management companies with a proven track record leading to an insignificant risk of changes in value. The funds have an important daily liquidity and can be easily converted to cash. On December 31, 2022, our current financial investments included $809.6 million held in USD, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/USD exchange rate as our functional currency is EUR. This effect is embedded in the net exchange differences (for echange differences on term deposits) and the fair value result of current financial investments (for exchange differences on money market funds) recognized in our consolidated statement of operations. We refer to note 9 for more details about the exchange gains/losses recognized in our consolidated statement of operations. We refer to note 34 for more information on these current financial investments and to note 9 for more details about the fair value re-meaurements and currency exchange gains or losses in our consolidated statement of operations. |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 20. Cash and cash equivalents December 31, 2022 2021 2020 (Euro, in thousands) Cash at banks € 458,117 € 1,225,860 € 1,239,993 Term deposits 50,000 1,007,508 895,194 Cash and cash equivalents from continuing operations 508,117 2,233,368 2,135,187 Cash and cash equivalents included in assets classified as held for sale — — 7,884 Total cash and cash equivalents € 508,117 € 2,233,368 € 2,143,071 Cash and cash equivalents may comprise cash at banks, bank deposits and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Cash and cash equivalents at December 31, 2022 comprised €50.0 million of term deposits which all had an original maturity longer than three months, but are readily convertible to cash without a significant penalty. All cash and cash equivalents are available upon maximum three month notice period and without significant penalty. Cash at banks were mainly composed of notice accounts and current accounts. Our credit risk is mitigated by selecting a panel of highly rated financial institutions for our deposits. On December 31, 2022 our cash and cash equivalents included $97.3 million held in U.S.dollars, which could generate a foreign currency exchange gain or loss in our financial results in accordance with the fluctuation of the EUR/U.S.dollar exchange rate as our functional currency is EUR. We refer to note 9 for more details about the exchange gains/losses recognized in our consolidated statement of operations. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2022 | |
Share capital | |
Share capital | 21. Share capital 2022 2021 2020 (Euro, in thousands) On January 1 € 292,075 € 291,312 € 287,282 Share capital increase 1,530 763 4,031 Costs of capital increase — — — Share capital on December 31, € 293,604 € 292,075 € 291,312 Aggregate share capital € 356,112 € 354,582 € 353,819 Costs of capital increase (accumulated) (62,507) (62,507) (62,507) Share capital on December 31, € 293,604 € 292,075 € 291,312 Costs of capital increases are netted against the proceeds of capital increases, in accordance with IAS 32—Financial instruments: disclosure and presentation. HISTORY OF SHARE CAPITAL The history of the share capital of Galapagos NV between January 1, 2020 and December 31, 2022 is as follows: Date Share capital increase due to exercise subscription rights (in thousands €) Number of shares issued (in thousands of shares) Aggregate number of shares after transaction (in thousands of shares) Aggregate share capital after transaction (in thousands €) January 1, 2020 64,667 349,789 March 17, 2020 824 152 May 28, 2020 2,356 436 September 19, 2020 467 86 December 4, 2020 384 71 December 31, 2020 65,412 353,819 March 19, 2021 540 100 June 7, 2021 59 11 September 20, 2021 41 8 December 3, 2021 123 23 December 31, 2021 65,553 € 354,582 March 18, 2022 517 96 June 20, 2022 434 80 September 27, 2022 579 107 December 31, 2022 65,836 € 356,112 On December 31, 2022, Galapagos NV’s share capital amounted to €356,112 thousand, represented by 65,835,511 shares. All shares were issued, fully paid up and of the same class. All of the share issuances listed above were for cash consideration. The below table summarizes the capital increases for the years 2020, 2021 and 2022. (Euro, in thousands, except share data) Number of shares Share capital Share premium Share capital and share premium Average exercise price subscription right Closing share price on date of capital increase ( in Euro/ subscription right) ( in Euro/ share) On January 1, 2020 64,666,802 287,282 2,703,583 2,990,865 March 17, 2020 : exercise of subscription rights 152,220 824 4,531 5,355 35.18 141.40 May 28, 2020 : exercise of subscription rights 435,540 2,356 15,558 17,914 41.13 186.60 September 18, 2020 : exercise of subscription rights 86,280 467 1,936 2,403 27.85 117.70 December 4, 2020 : exercise of subscription rights 70,925 384 2,232 2,616 36.88 100.30 On December 31, 2020 65,411,767 291,312 2,727,840 3,019,153 March 19, 2021 : exercise of subscription rights 99,814 540 1,718 2,258 22.62 68.48 June 7, 2021 : exercise of subscription rights 10,940 59 266 325 29.73 61.78 September 20, 2021 : exercise of subscription rights 7,600 41 111 152 19.97 46.93 December 3, 2021 : exercise of subscription rights 22,600 123 456 579 25.61 41.72 On December 31, 2021 65,552,721 € 292,075 € 2,730,391 € 3,022,467 March 18, 2022 : exercise of subscription rights 95,500 517 1,643 2,160 22.61 57.38 June 20, 2022 : exercise of subscription rights 80,290 434 1,025 1,460 18.18 53.52 September 27, 2022 : exercise of subscription rights 107,000 579 2,497 3,076 28.75 44.49 On December 31, 2022 65,835,511 € 293,604 € 2,735,557 € 3,029,162 Other information Ordinary shares Total Par value of shares (€) 5.41 5.41 The Board of Directors is authorized for a period of five years starting from the date of publication in the Annexes to the Belgian State Gazette of the Shareholders’ Resolution that granted the renewed authorization, to increase the share capital of Galapagos NV within the framework of the authorized capital through contributions in kind or in cash, with limitation or cancellation of the shareholders’ preferential subscription rights. Said authorization can be renewed. The authorized capital of Galapagos NV consists of two parts: ◾ A general authorization for capital increases up to 20% of the share capital at the time of convening the Shareholders’ Meeting of October 22, 2019 (i.e. €67,022,402.04 ) was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. November 13, 2019. This general authorization will expire on November 12, 2024. ◾ A specific authorization for capital increases of more than 20% and up to 33% of the share capital at the time of the convening the Shareholders' Meeting of April 25, 2017 (i.e. €82,561,764.93 ), was renewed and is valid for a period of five years from the date of publication of this renewal in the Annexes to the Belgian State Gazette, i.e. May 31, 2017. This specific part of the authorized capital can, however, only be used in a number of specific circumstances and upon a resolution of the Board of Directors that all independent members of the Board of Directors (within the meaning of article 7:87 of the Belgian Companies Code) approve. The Board of Directors is currently not authorized to increase the share capital after notification by the FSMA (Financial Services and Markets Authority) of a public takeover bid on Galapagos NV’s shares.The specific authorization expired on May 30, 2022. As of December 31, 2022, an amount of €24,889,284.17 still remained available under the general part of the authorized capital. |
Deferred tax
Deferred tax | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax | |
Deferred tax | 22. Deferred tax December 31, 2022 2021 2020 (Euro, in thousands) Recognized deferred tax assets and liabilities Assets € 1,363 € 4,032 € 4,475 Liabilities € 20,148 € — € — Deferred tax assets unrecognized € 460,102 € 408,892 € 365,639 Deferred taxes in the consolidated statement of operations € 1,227 € (404) € (157) Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) 1,677 1,411 581 Deferred tax benefit/expenses (-) relating to temporary differences 1,899 (629) (44) Deferred tax expenses relating to use of previously recognized deferred tax assets (2,348) (1,185) (695) The following table shows the movements in deferred tax assets and deferred tax liabilities: Total Intangible assets other than goodwill Retirement benefit liabilities Tax loss carryforward Other (Euro, in thousands) On December 31, 2019 € 4,205 € 535 € 3,670 Credited/charged (-) to profit or loss (157) (65) (220) € 127 Credited to other comprehensive income 973 973 Classified to held for sale (543) (543) Exchange differences (3) (3) On December 31, 2020 4,475 1,440 2,907 127 Credited/charged (-) to profit or loss (404) (623) 226 (7) Charged to other comprehensive income (74) (74) Exchange differences 35 33 2 On December 31, 2021 4,032 € - 776 3,133 122 Impact of acquisition of businesses (23,265) (23,265) Credited/charged (-) to profit or loss 1,227 2,842 17 (1,797) 165 Reclassification — 275 (275) Charged to other comprehensive income (795) (795) Exchange differences 17 22 (6) On December 31, 2022 € (18,785) € (20,148) € 19 € 1,061 € 281 The total amount of tax attributes and deductible temporary differences at December 31, 2022 amounted to €1,882.5 million (2021: €1,653.7 million, 2020: €1,485.8 million). This is composed of i) consolidated tax losses carried forward and deductible temporary differences at December 31, 2022 amounting to €1,516.6 million (2021: €1,343.2 million; 2020: €1,229.3 million), and (ii) innovation income deduction, dividend received deduction and investment deduction carried forward at December 31, 2022 amounting to €365.9 million (2021: €310.5 million; 2020: €256.5 million). The available tax losses carried forward that can be offset against possible future taxable profits amounted to €883.6 million on December 31,2022 and can be carried forward for an indefinite period except for an amount of €2.7 million in the United States with expiry date between 2028 and 2034. On December 31, 2022, the available tax losses carried forward in Galapagos NV (Belgium) amounted to €769.9 million. In addition to the latter, Galapagos NV (Belgium) also benefits from the Belgian innovation income deduction regime which led to report, on December 31, 2022, a carried forward tax deduction of €346.2 million (2021: €301.3 million; 2020: €247.2 million) that can also be offset against possible future taxable results. In addition, Galapagos NV (Belgium) also has available investment deduction carried forward of €1 million (2021 and 2020: €1 million) and a dividend received deduction carryforward of €18.7 million (2021: €8.2 million, 2020: €8.4 million) that can be offset against possible future taxable profits. There is no limit in time for the innovation income deduction, the dividend received deduction carryforward and investment deduction carried forward. With the exception of 2019, we have a history of losses. We forecast to continue incurring taxable losses in the foreseeable future as we continue to invest in clinical and preclinical development programs and discovery platforms. Consequently, no deferred tax asset was recognized as at December 31, 2022, except for one subsidiary in 2022 and several subsidiaries in 2021 and 2020 operating on a cost plus basis for which deferred tax assets were recognized for €1.1 million (2021: €4.0 million and 2020: €4.5 million). Net deferred tax liabilities were initially calculated based on the fair value of the intangible assets identified from the acquisition of CellPoint and AboundBio, adjusted by considering the related recognizable deferred tax assets. We refer to note 26 for more information on the purchase price allocation of the business combinations. |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities. | |
Lease liabilities | 23. Lease liabilities December 31, December 31, 2022 2021 2020 2022 2021 2020 (Euro, in thousands) (Euro, in thousands) Lease payments Present value of lease payments Lease liabilities Within one year € 7,507 € 7,557 € 6,772 € 7,209 € 7,204 € 6,401 In the second to fifth years inclusive 14,401 18,873 20,399 14,100 18,381 19,833 After five years 609 1,291 3,214 592 1,274 3,201 € 22,517 € 27,720 € 30,385 € 21,901 € 26,859 € 29,436 Less future finance charges 616 861 949 Present value of lease liabilities € 21,901 € 26,859 € 29,436 Less amount due for settlement within 12 months 7,209 7,204 6,401 Amount due for settlement after 12 months € 14,692 € 19,655 € 23,035 |
Trade and other liabilities and
Trade and other liabilities and other non-current liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other liabilities and other non-current liabilities | |
Trade and other liabilities and other non-current liabilities | 24. Trade and other liabilities and other non-current liabilities December 31, 2022 2021 2020 (Euro, in thousands) Trade and other liabilities € 133,298 € 134,304 € 171,316 Current contingent consideration related to milestones CellPoint 8,485 — — Current deferred consideration payable CellPoint 6,222 — — Current financial instruments 19 204 3,164 Accrued charges 651 3,114 1,070 Total trade and other liabilities € 148,675 € 137,622 € 175,550 Non-current contingent consideration related to milestones CellPoint € 13,582 € — € — Other non-current liabilities 8,226 7,135 8,096 Total other non-current liabilities € 21,808 € 7,135 € 8,096 The increase in both trade and other liabilities and other non-current liabilities can be largely explained by contingent and deferred considerations payable related to the acquisition of CellPoint, recorded in 2022. The contingent consideration arrangement relating to the acquisition of CellPoint requires us to pay the former owners of CellPoint additional considerations up to €100.0 million. This amount is due when certain sequential development (€20.0 million), regulatory (€30.0 million) and sales-based (€50.0 million) milestones would be achieved. Total fair value at acquisition date of these milestones amounted to €20.2 million. The fair value measurement is based on significant inputs that are not observable in the market, which are classified as Level 3 inputs. Key assumptions in the valuation at December 31, 2022 include a discount rate of 12.5%, an appropriate probability of success of reaching these milestones and expected timing of these milestones. A change in probabilities of success by 5 percentage points would result in a change of €3.1 million in the total contingent consideration liability on December 31, 2022. As per December 31, 2022 no change was made to the key assumptions. The only impact that was recognized compared to the date of acquisition is the discounting effect. This is recognized on the line “other financial expenses”. Of the total contingent consideration liability at December 31, 2022, €8.5 million is expected to be paid within one year and therefore presented on the line “trade and other liabilities” in our statement of financial position. The long-term portion, amounting to €13.6 million, is presented on the line “other non-current liabilities”. |
Deferred income
Deferred income | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income | |
Deferred income | 25. Deferred income The movement in the non-current and current deferred income is detailed in the table below. Total Gilead collaboration agreement for filgotinib Gilead collaboration agreement for drug discovery platform (1) Deferred income related to contracts in our fee-for-service segment Other deferred income (Euro, in thousands) On December 31, 2019 € 3,000,646 € 780,261 € 2,220,013 € 362 € 10 Upfront received 160,000 160,000 Milestones received 90,192 90,192 Significant financing component (2) 16,278 16,278 Revenue recognition of upfront (411,417) (181,816) (229,601) Revenue recognition of milestones (46,261) (46,261) Other movements (305) (362) 57 On December 31, 2020 2,809,133 818,654 1,990,412 — 67 Upfront received 12,643 12,643 Significant financing component (2) 9,289 9,289 Revenue recognition of upfront (433,884) (203,301) (230,582) Revenue recognition of milestones (32,408) (32,408) Other movements (67) (67) On December 31, 2021 2,364,701 604,875 1,759,828 — — Milestones received 18,238 18,238 Significant financing component (2) 7,672 7,672 Revenue recognition of upfront (370,078) (139,655) (230,423) Revenue recognition of milestones (34,777) (34,777) Other movements 3,474 3,474 On December 31, 2022 € 1,989,230 € 456,352 € 1,529,405 € — € 3,474 (1) The upfront received and the outstanding balance on December 31, 2022 and December 31, 2021 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. (2) With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a sigificant financing component reflecting the time value of money on the estimated recognition period The outstanding deferred income balance at December 31, 2022 included €456.4 million related to the collaboration agreement with Gilead for filgotinib ( €322.9 million classified as long term deferred income), and €1,529.4 million, including €0.7 million warrant issuance liability related to subsequent warrant B, related to the collaboration agreement with Gilead for the drug discovery platform ( €1,299.4 million classified as long term deferred income) and € 3.5 million other deferred income ( €1.2 million classified as long term deferred income). The outstanding deferred income balance at December 31, 2021 included €604.9 million deferred income related to the collaboration agreement with Gilead for filgotinib ( €414.8 million classified as long term deferred income) €1,759.8 million, including €2.4 million warrant issuance liability related to subsequent warrant B, related to the collaboration agreement with Gilead for the drug discovery platform ( €1,530.0 million classified as long term deferred income) We refer to note 6 for a detail of the allocation of the transaction price received from Gilead. |
Business combinations during th
Business combinations during the period | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations during the period | |
Business combinations during the period | 26. Business combinations during the period. On June 21, 2022 we acquired, in an all-cash transaction, 100% of the shares and voting interests of CellPoint for a total agreed payment at completion of €125 million, including consideration for other liabilities associated with the transaction amounting to €10.3 million. Additional contingent consideration up to €100.0 million is due when certain milestones would be achieved. On the same date we acquired all of the outstanding capital of AboundBio, for a total agreed price of $14 million, including consideration for other liabilities associated with the transaction. The main reason for these acquisitions is to position ourselves in next-generation cancer therapy market and to significantly broaden our portfolio and capabilities. As a result of these acquisitions, we gain access to an innovative, scalable, decentralized and automated point-of-care cell therapy supply model as well as a next-generation fully human antibody-based therapeutics platform. Combined and supported by us as a fully integrated biopharma, they have the potential to disrupt the CAR-T treatment paradigm. The goal is to expand the current market for CAR-T therapies and have an important impact on patients in need of additional and improved treatment options. At the time of approval for issuance of these consolidated financial statements, our initial accounting for the business combinations, including the purchase price allocation, has been completed. Details of the fair value of identifiable assets and liabilities acquired in both transactions, the purchase consideration, the goodwill at the acquisition date and the net cash outflow arising on acquisition are as follows: June 21, 2022 (Euro, in thousands) CellPoint AboundBio Total Book value Adjustment Fair value Book value Adjustment Fair value Intangible assets other than goodwill € 120,517 € 120,517 € 4,053 € 4,053 Property, plant and equipment € 1,289 1,289 € 965 965 Other non-current assets 81 81 4 4 Trade and other receivables 162 162 — — Cash and cash equivalents 3,179 3,179 4,279 4,279 Other current assets 1,254 1,254 536 536 Deferred tax liabilities — (22,368) (22,368) — (907) (907) Trade and other liabilities (32,789) (32,789) (587) (587) Current deferred income — — (474) (474) Net assets acquired (26,824) 98,149 71,325 4,723 3,146 7,869 Consideration paid in cash 107,750 14,976 Fair value re-measurement of previously held equity investment — 342 Deferred consideration 5,808 — Fair value of contingent consideration 20,211 — Fair value of total consideration 133,769 15,318 Goodwill 62,444 7,449 Exchange differences on goodwill — (80) Goodwill in the balance sheet € 62,444 € 7,369 € 69,813 Net cash outflow arising on acquisition Consideration paid in cash 107,750 14,976 Less: cash and cash equivalents balances acquired (3,179) (4,279) Cash out from acquisition of subsidiaries, net of cash acquired € 104,571 10,698 € 115,270 Cash used in operating activities for other liabilities related to the acquisition of subsidiaries € 28,164 € 28,164 As part of the acquisitions, we identified the following acquired intangible assets: ● IPR&D: in-process research and development related to two CD19 CAR-T product candidates in Phase 1/2a clinical studies. The fair value at acquisition date ( €28.2 million) was based on the relief from royalty method. ● Exclusive rights: through the acquisition of Cellpoint we acquired on the one hand a collaboration agreement between Cellpoint and Lonza providing the exclusive right to use the automated Lonza Cocoon® Platform in the development and commercialization of CAR-T cell products, and secondly, a collaboration agreement between Cellpoint and Hypertrust providing exclusivity to use the jointly developed XCellit software for workflow management and monitoring for the manufacturing of the CAR-T cells using the Lonza Cocoons® Platform. The fair values at acquisition date amounted to €89.7 million and €2.6 million respectively. A with and without method was retained to value the exclusivity with Lonza and the XCellit software was valued based on the applicable royalty rate in the contract. ● Technology: through the acquisition of AboundBio, we acquired a fully human antibody-based therapeutics platform which was valued at €4.1 million at the time of acquisition. We assessed that the carrying value of all other acquired assets and assumed liabilities approximate their fair value at acquisition date. The goodwill arising from both transactions totaling €69.8 million is attributable to buyer specific synergies, the value of the assembled workforce and the accounting for net deferred tax liabilities for a total amount of €23.3 million, consisting of deferred tax liabilities on the acquired intangible assets of €32.3 million less recognized deferred tax assets of €9.0 million. The acquisition costs related to both transactions were considered not to be material and were recognized in our consolidated statement of operations on the line "general & administrative expenses”. Since the acquisition date, there has not been a material contribution by both acquired companies to total revenues and total result, nor were there major expenses prior to the acquisition period, except for expenses directly related to the acquisitions. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued operations | |
Discontinued operations | 27. Discontinued operations On November 23, 2020 we signed a share purchase agreement with Selvita S.A. in relation to the disposal of Fidelta d.o.o. (our previous fee-for-service segment). We have classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020. The transaction was completed on January 4, 2021 for a total consideration of €37.1 million. Fidelta will continue performing drug discovery services for us for the next three years for which we have purchase commitments for an aggregate amount of €12.2 million on December 31, 2022. DISPOSAL OF FIDELTA Consideration received (Euro, in thousands) Cash received € 37,080 Total cash received € 37,080 Analysis of assets and liabilities over which control was lost January 4, 2021 (Euro, in thousands) Intangible assets € 21 Property, plant and equipment 10,050 Other non-current assets 160 Trade and other receivables 4,428 Cash and cash equivalents 7,884 Other current assets 863 Total assets 23,406 Non-current lease liabilities 4,115 Other non-current liabilities 70 Trade and other liabilities 4,479 Current lease liabilities 727 Income tax payable 356 Total liabilities 9,747 Net assets disposed of € 13,658 Gain on disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Net assets disposed of (13,658) Effect of cumulative translation adjustment reclassified from equity on loss of control (731) Costs associated to the sale (500) Gain on disposal € 22,191 Net cash proceeds from the disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Less: cash and cash equivalents balances disposed of (7,884) Total consideration received, net of cash disposed of 29,196 Costs associated to the sale (500) Cash in from disposal of Fidelta, net of cash disposed of € 28,696 RESULT FROM DISCONTINUED OPERATIONS Year ended December 31, 2021 2020 (Euro, in thousands, except share and per share data) Fee-for-service revenues € — € 16,140 Total revenues — 16,140 Gain on disposal of subsidiaries 22,191 — Research and development expenses — (7,685) Sales and marketing expenses — — General and administrative expenses — (2,000) Other income — — Operating income 22,191 6,455 Other financial income — 179 Other financial expenses — (176) Income before tax 22,191 6,458 Income taxes — (893) Net income € 22,191 € 5,565 Basic income per share from discontinued operations € 0.34 € 0.09 Diluted income per share from discontinued operations € 0.34 € 0.08 Weighted average number of shares (in thousands of shares) 65,500 65,075 Weighted average number of shares - Diluted (in thousands of shares) 65,831 67,572 CASH FLOW FROM DISCONTINUED OPERATIONS 2022 2021 2020 (Euro, in thousands) Net cash flows generated from operating activities € — € — € 7,173 Net cash flows generated from/used in (-) investing activities — 28,696 (2,284) Net cash flows used in financing activities — — (664) Net cash flow from discontinued operations € — € 28,696 € 4,225 |
Note to the cash flow statement
Note to the cash flow statement | 12 Months Ended |
Dec. 31, 2022 | |
Note to the cash flow statement | |
Note to the cash flow statement | 28. Note to the cash flow statement The following table details the adjustments related to the operating cash flow: December 31, 2022 2021 2020 (Euro, in thousands) Adjustment for non-cash transactions Depreciation and impairment € 65,566 € 34,636 € 18,682 Share-based compensation expenses 88,506 70,726 79,959 Increase/decrease (-) in retirement benefit obligations and provisions 136 (2,347) (260) Unrealized exchange losses/gains (-) and non-cash other financial result (41,970) (57,073) 105,055 Discounting effect of non-current deferred income 7,672 9,289 16,278 Discounting effect of other non-current liabilities 2,271 — — Fair value re-measurement of warrants (186) (2,960) (3,034) Net change in (fair) value of current financial investments (6,929) (119) 15,900 Fair value adjustment financial assets held at fair value through profit or loss — 4,919 (2,396) Other non-cash expenses 2,229 648 539 Total adjustment for non-cash transactions € 117,296 € 57,718 € 230,723 Adjustment for items to disclose separately under operating cash flow Interest expense € 6,967 € 11,656 € 9,424 Interest income (14,344) (2,853) (7,476) Tax expense 2,844 2,423 2,119 Total adjustment for items to disclose separately under operating cash flow € (4,533) € 11,227 € 4,067 Adjustment for items to disclose under investing and financing cash flows Gain on disposal of subsidiaries € — € (22,191) € — Gain (-)/loss on sale of fixed assets (23) — 82 Realized exchange gain on sale of current financial investments — (6,645) — Interest income on current financial investments (3,766) (12) (2,554) Total adjustment for items to disclose separately under investing and financing cash flow € (3,789) € (28,847) € (2,472) Change in working capital other than deferred income Increase in inventories € (34,588) € (21,168) € (100) Increase (-)/ decrease in receivables 68,984 79,859 (177,155) Increase/decrease (-) in liabilities (2,083) (35,353) 31,163 Total change in working capital other than deferred income € 32,313 € 23,337 € (146,092) |
Off-balance sheet arrangements
Off-balance sheet arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Off-balance sheet arrangements | |
Off-balance sheet arrangements | 29. Off-balance sheet arrangements CONTRACTUAL OBLIGATIONS AND COMMITMENTS On December 31, 2022, we had outstanding obligations for future purchase commitments, which become due as Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years (Euro, in thousands) Purchase commitments € 398,627 € 240,237 € 136,560 € 20,797 € 1,032 In addition to the tables above, we have a contractual cost sharing obligation related to our collaboration agreement with Gilead for filgotinib. The contractual cost sharing commitment amounted to €281.6 million at December 31, 2022 ( €369.9 million at December 31, 2021 and €493.4 million at December 31, 2020), for which we have purchase commitments of €217.3 million at December 31, 2022 reflected in the above table ( €169.6 million at December 31, 2021, €18.1 million at December 31, 2020). |
Contingent assets and liabiliti
Contingent assets and liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Contingent assets and liabilities | |
Contingent assets and liabilities | 30. Contingent assets and liabilities On January 4, 2021, we closed the sale of our Croatian subsidiary Fidelta. Selvita acquired 100% of the outstanding shares in Fidelta for a total consideration of €37.1 million. In accordance with common practice, we gave customary representations and warranties which are capped and limited in time. |
Share based payments
Share based payments | 12 Months Ended |
Dec. 31, 2022 | |
Share based payments | |
Share based payments | 31. Share based payments SUBSCRIPTION RIGHT PLANS Presented below is a summary of subscription right activities for the reported periods. Various subscription right plans were approved for the benefit of our employees, and for members of the Executive Committee and of the Board of Directors and independent consultants of Galapagos NV. The subscription rights offered to members of the Board of Directors vest over a period of 36 months at a rate of 1/36 th Subscription rights approved before 2021 cannot be exercised before the end of the third calendar year following the year of the grant. In the event of a change of control over Galapagos NV, all outstanding subscription rights vest immediately and will be immediately exercisable. Subscription rights under Subscription Right Plan 2021 BE cannot be exercised before the end of the third calendar year following the year of the grant. Subscription rights under Subscription Right Plan 2021 RMV and Subscription Right Plan 2021 ROW vest in instalments: with 25% of each grant being exercisable as of January 1, 2022, 25% as of January 1, 2023 and 50% (the remainder) as of January 1, 2024. “Subscription Right Plan 2022 (A)” and “Subscription Right Plan 2022 (B)” were approved by the Board of Directors (formerly known as Supervisory Board) on respectively January 13, 2022 and January 26, 2022, within the framework of the authorized capital. Subscription rights granted under Subscription Right Plan 2022 (B), being 30,000 subscription rights (after the acceptance by the beneficiary), will in principle not vest prior to January 1, 2026; subscription rights granted under Subscription Right Plan 2022 (A), being 1,000,000 subscription rights (after acceptance by the beneficiary) vest in instalments: with 25% of each grant being exercisable as of January 1, 2023, 25% as of January 1, 2024 and (the remainder) as of January 1, 2025. On May 6, 2022 the Board of Directors approved “Subscription Right Plan 2022 BE”, “Subscription Right Plan 2022 RMV” and “Subscription Right Plan 2022 ROW”, for a total of 2,091,239 subscription rights (after acceptance by the beneficiaries), within the framework of the authorized capital. Subscription rights granted under Subscription Right Plan 2022 BE will in principle not vest prior to January 1, 2026 and subscription rights granted under Subscription Right Plan 2022 RMV and Subscription Right Plan 2022 ROW vest in instalments: with 25% of each grant being exercisable as of January 1, 2024, 25% as of January 1, 2025 and 50% (the remainder) as of January 1, 2026. The table below sets forth a summary of subscription rights outstanding and exercisable at December 31, 2022, per subscription right plan: Outstanding Outstanding Exercisable per Granted Exercised Forfeited Expired per per Allocation Expiry Exercise January 1, during during during during December 31, December 31, Subscription right plan date date price (€) 2022 year year year year 2022 2022 2014 07/25/2014 07/24/2022 14.54 127,540 (127,540) — — 2015 04/30/2015 04/29/2023 28.75 199,223 (136,000) 63,223 63,223 2015 (B) 12/22/2015 12/21/2023 49.00 256,500 (15,000) 241,500 241,500 2015 RMV 12/22/2015 12/21/2023 49.00 35,000 35,000 35,000 2016 06-01-2016 05/31/2024 46.10 330,750 (4,250) (1,000) 325,500 325,500 2016 RMV 06-01-2016 05/31/2024 46.10 69,000 69,000 69,000 2016 (B) 01/20/2017 01/19/2025 62.50 10,000 10,000 10,000 2017 05/17/2017 05/16/2025 80.57 595,500 (5,500) 590,000 590,000 2017 RMV 05/17/2017 05/16/2025 80.57 127,500 127,500 127,500 2018 04/19/2018 04/18/2026 79.88 1,005,995 (31,000) 974,995 974,995 2018 RMV 04/19/2018 04/18/2026 79.88 137,500 137,500 137,500 2019 04-10-2019 04-09-2027 95.11 1,300,840 (83,850) 1,216,990 2019 RMV 04-10-2019 04-09-2027 95.11 190,500 (4,500) 186,000 2020 04/17/2020 04/16/2028 168.42 1,617,928 (159,684) 1,458,244 2020RMV 04/17/2020 04/16/2028 168.42 227,475 (18,400) 209,075 2021BE 04/30/2021 04/29/2029 64.76 1,084,036 (42,888) 1,041,148 2021RMV 04/30/2021 04/29/2029 64.76 282,550 (24,850) 257,700 2021ROW 04/30/2021 04/29/2029 64.76 982,000 (198,625) 783,375 2022 (A) 01/13/2022 01-12-2030 46.18 30,000 30,000 2022 (B) 01/26/2022 01/25/2030 50.00 1,000,000 1,000,000 2022BE 05-06-2022 05-05-2030 57.46 839,400 (7,858) 831,542 2022BE 08-05-2022 08-04-2030 51.58 72,000 72,000 2022RMV 05-06-2022 05-05-2030 57.46 244,389 244,389 2022ROW 05-06-2022 05-05-2030 57.46 875,450 (1,675) 873,775 2022ROW 08-05-2022 08-04-2030 51.58 60,000 (27,600) 32,400 Total 8,579,837 3,121,239 (282,790) (607,430) — 10,810,856 2,574,218 Weighted average exercise Subscription rights price (Euro) Outstanding on January 1, 2020 5,541,117 € 70.1 Exercisable on December 31, 2019 1,139,682 30.2 Granted during the period 2,173,335 168.4 Forfeited during the year (40,376) 144.8 Exercised during the period (744,965) 38.0 Expired during the year — — Outstanding on December 31, 2020 6,929,111 € 104.0 Exercisable on December 31, 2020 1,168,967 37.8 Granted during the period 2,493,433 64.8 Forfeited during the year (701,753) 118.5 Exercised during the period (140,954) 23.5 Expired during the year — — Outstanding on December 31, 2021 8,579,837 € 92.7 Exercisable on December 31, 2021 1,751,013 56.6 Granted during the period 3,121,239 54.7 Forfeited during the year (607,430) 100.0 Exercised during the period (282,790) 23.7 Expired during the year — — Outstanding on December 31, 2022 10,810,856 € 83.1 Exercisable on December 31, 2022 2,574,218 70.3 The table below sets forth the inputs into the valuation of the subscription rights. 2022 (A) 2022 (B) 2022BE 2022 RMV/ROW 2022BE/ROW January 13 January 26 May 6 May 6 August 6 Exercise Price (€) € 46.18 € 50.00 € 57.46 € 57.46 € 51.58 Weighted average share price at acceptance date (€) € 46.21 € 56.67 € 51.64 € 51.64 € 44.55 Weighted average fair value at the acceptance date (€) € 16.10 € 24.53 € 20.73 € 18.92 € 17.07 Weighted average estimated volatility (%) 41.80 40.80 42.59 42.65 41.75 Weighted average expected life of the subscription rights (years) 4.72 5.95 6.37 5.36 5.68 Weighted average risk free rate (%) (0.13) 0.67 1.33 1.26 2.70 Expected dividends None None None None None 2021 2021 RMV/ROW 2020 2020 RMV April 30 April 30 April 17 April 17 Exercise Price (€) € 64.76 € 64.76 € 168.42 € 168.42 Weighted average share price at acceptance date (€) € 61.10 € 61.10 € 178.95 € 178.95 Weighted average fair value at the acceptance date (€) € 22.72 € 20.68 € 86.45 € 85.79 Weighted average estimated volatility (%) 40.73 40.61 51.30 51.32 Weighted average expected life of the subscription rights (years) 6.43 5.36 6.00 6.00 Weighted average risk free rate (%) (0.21) (0.29) (0.44) (0.44) Expected dividends None None None None Subscription right Plans The exercise price of the subscription rights is determined pursuant to the applicable provisions of the Belgian Law of March 26, 1999. The weighted average estimated volatility is calculated on the basis of the implied volatility of the share price over the weighted average expected life of the subscription rights. The weighted average expected life of the subscription right is calculated as the estimated duration until exercise, taking into account the specific features of the plans. Our share based compensation expense in 2022 in relation to subscription right plans amounted to €88,506 thousand (2021: €70,726 thousand; 2020: €79,959 thousand). The following table provides an overview of the outstanding subscription rights per category of subscription right holders at December 31, 2022, 2021 and 2020. Category December 31, 2022 2021 2020 (1) (in number of subscription rights) Members of the Board of Directors 75,000 157,560 157,560 Members of the Executive Committee 1,864,000 1,965,000 2,101,874 Personnel 8,871,856 6,457,277 4,669,677 Total subscription rights outstanding 10,810,856 8,579,837 6,929,111 (1) Piet Wigerinck was a member of the Executive Committee until November 30, 2021. Note that his outstanding subscription rights at December 31, 2020, were reported on the line ‘Members of the Executive Committee’ while at December 31, 2021 his outstanding subscription rights are presented on the line ‘Personnel’. The outstanding subscription rights at the end of the accounting period have an average exercise price of €83.12 (2021: €92.69; 2020: €103.95) and a weighted average remaining expected life of 1,913 days 1,955 days 2,050 days RESTRICTED STOCK UNITS RSUs Each RSU represents the right to receive, at Galapagos’ discretion, one Galapagos share or a payment in cash of an amount equivalent to the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the relevant vesting date, in accordance with the terms and conditions of the relevant RSU program. We currently have the following restricted stock unit (RSU) programs: ● Plan 2020.I, Plan 2021.I and Plan 2022.I: these plans are intended to provide a long-term incentive to certain of our employees and members of the Executive Committee and, as of 2020, replaces the deferred portion of the bonus under the former Senior Management Bonus Scheme; ● Plan 2019.II, Plan 2020.II, Plan 2021.II, Plan 2021.IV and Plan 2022.II: these plans are designed with the aim to retain a specific group of our key employees and members of the Executive Committee whose retention is considered so important for our future performance that an additional incentive is desired. The beneficiaries are nominated by the Remuneration Committee and the Board of Directors approves the list of beneficiaries. The four-year vesting period is designed to be aligned with long-term shareholder interests; ● Plan 2019.I: this plan was granted at the discretion of the Board of Directors; ● Plan 2019.III: this exceptional RSU grant took place in 2019 under an RSU Transaction Bonus Plan for the successful closing of the Gilead transaction; ● Plan 2021.III and Plan 2022.III: these plans are intended to compensate employees who transferred from Gilead to us in the framework of the transfer of European commercialization rights for the long-term incentive plans within Gilead under which unvested RSU awards lapsed upon transfer out of the Gilead group. These employees received a one-time Restricted Stock Units grant from us. The main characteristics of all these plans are as follows: ● the RSUs are offered for no consideration; ● generally four-year vesting period, with 25% vesting each year, except for some plans or some beneficiaries for which the RSUs will all vest at the same time three years after the offer date (bullet vesting); vest 50% after two years and 50% after three years or vest over three years with 34% vesting the first year and 33% in each of the remaining two years ; ● payout will be in cash or shares, at Galapagos’ discretion, it being understood that in respect of members of the Executive Committee, any vesting prior to the third anniversary of the offer date will always give rise to a payment in cash rather than a delivery of shares as an incentive; ● any unvested RSUs are forfeited upon termination of service before the vesting date . The table below sets forth a summary of RSUs outstanding at December 31, 2022, per RSU plan: Outstanding Outstanding per Granted Forfeited Paid in cash per Offer January 1, during during during December 31, RSU plan date 2022 year year year 2022 Plan 2019.I. 10/16/2019 28,000 — (28,000) — Plan 2019.II. 10/16/2019 42,504 (9,090) (20,483) 12,931 Plan 2019.III. 10/16/2019 30,460 — (30,460) — Plan 2020.I. 06-05-2020 32,527 (7,359) (8,058) 17,110 Plan 2020.II. 07-05-2020 41,968 (10,831) (13,511) 17,626 Plan 2021.I. 05-05-2021 154,616 (27,146) (34,870) 92,600 Plan 2021.II. 05-06-2021 40,620 (9,478) (8,801) 22,341 Plan 2021.III. 06/03/2021 38,175 (9,233) (12,683) 16,259 Plan 2021.IV. 09/24/2021 248,933 (84,865) (62,230) 101,838 Plan 2022.I. 03-05-2022 209,118 (14,480) — 194,638 Plan 2022.II. 5/05/2022 - 5/08/2022 249,000 — — 249,000 Plan 2022.III. 07-06-2022 12,155 (403) — 11,752 Total 657,803 470,273 (172,885) (219,096) 736,095 2022 2021 2020 (in number of RSUs) Outstanding on January 1, 657,803 313,596 213,147 Granted during the year 470,273 511,518 128,769 Forfeited during the year (172,885) (74,873) (1,052) Paid in cash during the year (219,096) (92,438) (27,268) Outstanding on December 31, 736,095 657,803 313,596 The RSUs are measured based on the volume-weighted average price of the Galapagos share on Euronext Brussels over the 30-calendar day period preceding the reporting period and they are re-measured at each reporting date. We recognize the corresponding expense and liability over the vesting period. The total liability relating to outstanding RSUs on December 31, 2022 amounted to €12.9 million (2021: €11.3 million, 2020: €12.9 million). The following table provides an overview of the outstanding RSUs per category of RSU holders on December 31, 2022, 2021 and 2020. December 31, 2022 2021 2020 (in number of RSUs) Members of the Executive Committee 332,038 384,340 229,276 Personnel 404,057 273,463 84,320 Total outstanding RSUs 736,095 657,803 313,596 |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Related parties | 32. Related parties Relationship and transactions with entities with control of, or significant influence over, Galapagos Gilead Gilead exercises significant influence over Galapagos as from the equity subscription on August 23, 2019. As a result of the equity subscription we received a transparency notification from Gilead on August 28, 2019 confirming they held 22.04% of the then issued and outstanding shares of Galapagos. By exercising Warrant A on November 6, 2019 Gilead increased its ownership in Galapagos to 25.10% of the then outstanding shares. Gilead further increased its ownership to 25.84% at December 31, 2019. Gilead’s ownership then diluted to 25.49% at December 31, 2021 and to 25.38% at December 31, 2022, due to seven capital increases resulting from the exercise of subscription rights under employee subscription right plans in the course of respectively 2021 (four capital increases) and 2022 (three capital increases). The presumption of significant influence is also confirmed by the fact that Gilead has the right, for as long as it holds more than 20% of Galapagos’ share capital, to appoint two Investor Board Designees to Galapagos’ Board of Directors, out of a total of nine. The following balances are outstanding at the end of the reporting period in relation to Gilead: Year ended December 31, 2022 2021 2020 (Euro, in thousands) Non-current trade receivables € 50,000 Trade and other receivables € 7,877 € 88,246 132,825 Trade and other payables € 11,580 € 27,074 The trade and other receivables on December 31, 2021 mainly contained €50.0 million of receivables relating to the in 2020 modified collaboration for filgotinib, €12.6 million related to the transfer of the sponsorship and operational and financial responsibility of the DIVERSITY clinical trial from Gilead to us and €23.8 million of profit and cost sharing receivables relating to our collaboration for filgotinib. All these amounts were paid during 2022. The outstanding receivables on December 31, 2022 mainly relate to development cost sharing receivables relating to our collaboration for filgotinib ( During 2022 we recognized in revenue €230.4 million (€230.6 million for the year ended December 31, 2021; € Additionally, we recognized in 2022 royalty income for an amount of €10.7 million in relation to the commercialization of Jyseleca (€3.8 million for the year ended December 31, 2021, €16.2 million for the year ended December 31, 2020). Furthermore, we recognized in 2022 €0.4 million (€18.1 million for the year ended December 31, 2021; €34.1 million for the year ended December 31, 2020) of cost reimbursements from Gilead with respect to the development of GLPG1690 as a decrease of the related expenses (on the line research and development expenditure). An amount of €2.4 million (€81.3 million for the year ended December 31, 2021; €101.0 million for the year ended December 31, 2020) relating to cross charges from Gilead relating to filgotinib was recognized as expense on the line research and development expenditure. Finally, we recognized in 2022 €0.03 million as a deduction of sales & marketing expenses (a deduction of €59.7 million for the year ended December 31, 2021; a deduction of €4.7 million for the year ended December 31, 2020) mainly relating to our 50/50 cost share mechanism with Gilead for expenses incurred in preparation for the co-promotion activities for filgotinib. We recognized €0.03 million as a deduction of research and development expenditure (a deduction of €7.0 million for the year ended December 31, 2021) mainly relating to our 50/50 profit/(cost) share mechanism with Gilead for direct sales of Jyseleca in the shared territory. This profit/(cost) share mechanism for sales and marketing expenses came to an end beginning of 2022, which explains the variance compared to 2021. We purchased raw materials, semi-finished products and finished products of Jyseleca from Gilead for an amount of €13.5 million for the year ended December 31, 2022 ( €24.9 million for the year ended December 31, 2021 and €0.2 million for the year ended December 31, 2020). As at December 31, 2022 we have two outstanding performance obligations under IFRS 15 towards Gilead, being the performance obligation related to our drug discovery platform and the performance obligation relating to filgotinib. This results in an outstanding deferred income balance of €1.5 billion for the drug discovery platform (including the warrant issuance liability relating to subsequent warrant B) and €456 million for the performance obligation relating to filgotinib. A detailed explanation of our transactions with Gilead in 2020, 2021 and 2022 can be found in the section titled Agreements with major Galapagos NV shareholders. There are no other shareholders or other entities who, solely or jointly, control Galapagos or exercise significant influence over Galapagos. Relationship and transactions with subsidiaries Please see Note 33 for an overview of the consolidated companies of the group, which are all wholly-owned subsidiaries of Galapagos NV. Relationship and transactions with key management personnel Our key management personnel consists of the members of the Executive Committee and members of the Board of Directors. All amounts mentioned in this section are based on expenses recognized in the financial statements for the relevant financial year. Remuneration of key management personnel On December 31, 2022, our Executive Committee had four members: Stoffels IMC BV (permanently represented by Dr. Paul Stoffels), Mr. Bart Filius, Dr. Walid Abi-Saab and Mr. Michele Manto. They provide their services to us on a full-time basis. On December 31, 2022, our Board of Directors consisted of nine members: Stoffels IMC BV (permanently represented by Dr. Paul Stoffels), Dr. Raj Parekh, Dr. Mary Kerr, Mr. Peter Guenter, Mr. Daniel O’Day, Dr. Linda Higgins, Dr. Elisabeth Svanberg, Dr. Dan Baker and Mr. Jérôme Contamine. At the Annual Shareholders’ meeting of April 26, 2022, the mandates of Howard Rowe and Katrine Bosley as members of the Board of Directors came to an end. Effective from January 1, 2020, Galapagos no longer grants any subscription rights to members of the Board of Directors, taking into account the stricter rules of the Belgian Companies Code. Effective from April 26, 2022, our new Chief Executive Officer, Stoffels IMC BV (permanently represented by Dr. Paul Stoffels) has been appointed as the Chairman of the Board of Directors of Galapagos. The Chief Executive Officer will only be remunerated for the performance of its executive functions as Chief Executive Officer and is not entitled to any additional remuneration for its mandates of Chairman of the Board of Directors or of any Committee. Dr. Hoekema retired from Galapagos and was our Chief Business Officer and an Executive Committee member until October 31, 2022 and hence the table below for financial year 2022 contains disclosures on his remuneration until the aforementioned date. Dr. Walid Abi-Saab left Galapagos and was our Chief MO and an Executive Committee member until December 31, 2022 and hence the table below for financial year 2022 contains disclosures on his remuneration. The remuneration package of the members of key management personnel comprises: Year ended December 31, 2022 2021 2020 Remuneration of key management personnel: Euro, in thousands (except for the number of subscription rights and RSUs) Short-term benefits € 3,444 € 4,264 € 3,102 Executive Committee members as a group (1) Gross salary 2,341 2,621 2,531 Cash bonus (2) 997 1,172 433 Other short-term benefits 106 471 138 Long-term benefits for Executive Committee members as a group (3) — — — Board fees and other short-term benefits for members of the Board of Directors Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) — — — Raj Parekh 165 220 220 Howard Rowe (4) 39 120 125 Katrine Bosley (4) 21 65 115 Mary Kerr 115 115 115 Peter Guenter 115 115 115 Jérôme Contamine (5) 102 — — Dan Baker (5) 68 — — Elizabeth Svanberg 115 115 78 Daniel O'Day (6) — — — Linda Higgins (6) — — — Post-employment benefits (7) 240 399 392 Total benefits excluding subscription rights and RSUs € 4,424 € 5,413 € 4,262 Severance package (8) — 802 — Number of subscription rights granted in the year Executive Committee members as a group (1) 1,124,000 275,000 275,000 Onno van de Stolpe — 85,000 85,000 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 1,000,000 — — Bart Filius 68,000 50,000 50,000 Andre Hoekema — 30,000 30,000 Piet Wigerinck — 40,000 40,000 Walid Abi-Saab 32,000 40,000 40,000 Michele Manto 24,000 30,000 30,000 Total number of subscription rights granted in the year 1,124,000 275,000 275,000 Total cost of subscription rights granted in the year under IFRS 2 € 27,010 € 5,629 € 22,921 Number of RSUs granted in the year (9) Onno van de Stolpe — 63,830 18,317 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 74,408 — — Bart Filius 61,442 62,730 12,600 Andre Hoekema — 51,433 832 Piet Wigerinck — 835 12,080 Walid Abi-Saab 37,274 44,038 12,080 Michele Manto 27,354 31,694 5,920 Total number of RSUs granted in the year 200,478 254,560 61,829 (1) Dr. Wigerinck was a member of the Executive Committee (formerly Management Board) until November 30, 2021. His remuneration and benefits are included in the overview for the financial year 2021 and 2020. (2) The aggregate number under the financial year 2022 also includes the cash bonus of Dr. Andre Hoekema and Dr. Walid Abi-Saab. The aggregate number under 2021 also includes the cash bonus of Dr. Wigerinck. (3) Only Executive Committee members are granted long-term benefits. Pursuant to the Senior Management Bonus Scheme, these consist ot the deferred part of the bonus from 3 years ago. For financial year 2021 the deferred part of the bonus is not paid out. As of 2019 the Senior Management Bonus Scheme was no longer applicable, as a result 2021 was the last financial year during which such payment could occur. (4) Member of the Board of Directors until April 26, 2022. (5) Member of the Board of Directors as of April 26, 2022. (6) Gilead designees appointed to our Board of Directors on October 22, 2019. They don’t receive any remuneration for their Board mandate. (7) Only Executive Committee members receive post-employment benefits. (8) For 2021 we disclose Dr. Wigerinck's severance package. (9) This is the sum of the RSUs awarded during the respective financial year, excluding the RSUs representing the deferred portion of the bonus for 2021 in FY2021 and for 2022 in FY2022 (each time to be granted in the following financial year). Only Executive Committee members were awarded RSUs. OTHER No loans, quasi-loans or other guarantees were given by Galapagos NV or any of its subsidiaries to members of the Board of Directors and of the Executive Committee. We have not entered into transactions with our key management personnel, other than as described above with respect to remuneration arrangements relating to the exercise or termination of their mandates as members of the Executive Committee and the Board of Directors. |
Consolidated companies as of De
Consolidated companies as of December 31, 2022 | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated companies as of December 31, 2022 | |
Consolidated companies as of December 31, 2022 | 33. Consolidated companies as of December 31, 2022 Year ended December 31, 2022 2021 2020 Name of the subsidiary Country % voting right Galapagos NV (directly or indirectly through subsidiaries) Change in % voting right previous period (2022 vs 2021) % voting right Galapagos NV (directly or indirectly through subsidiaries) % voting right Galapagos NV (directly or indirectly through subsidiaries) AboundBio, Inc. United States 100% 100% 0% 0% CellPoint B.V. The Netherlands 100% 100% 0% 0% Galapagos Biopharma Belgium BV Belgium 100% 100% 100% Galapagos Biopharma Netherlands B.V. The Netherlands 100% 100% 100% Galapagos Biopharma Spain S.L.U. Spain 100% 100% 100% Galapagos Biopharma Italy S.r.l. Italy 100% 100% 100% Galapagos Biopharma Germany GmbH Germany 100% 100% 100% Galapagos Biopharma Sweden AB Sweden 100% 100% 0% Galapagos Biopharma Norway AS Norway 100% 100% 0% Galapagos Biopharma Finland Oy Finland 100% 100% 0% Galapagos Biopharma Denmark ApS Denmark 100% 100% 0% Galapagos Biopharma Austria GmbH Austria 100% 100% 0% Galapagos Biopharma Ireland Ltd Ireland 100% 100% 0% Galapagos B.V. The Netherlands 100% 100% 100% Galapagos Biotech Ltd (formerly Inpharmatica Ltd.) United Kingdom 100% 100% 100% Galapagos GmbH Switzerland 100% 100% 100% Galapagos, Inc. (formerly Biofocus, Inc.) United States 100% 100% 100% Galapagos NV Belgium Parent company Parent company Parent company Galapagos Real Estate Belgium BV (former Galapagos Real Estate 1 BV) Belgium 100% 100% 100% Galapagos Real Estate Netherlands B.V. The Netherlands 100% 100% 100% Galapagos SASU France 100% 100% 100% Fidelta d.o.o. Croatia 0% 0% 100% Xenometrix, Inc. in liquidation United States 100% 100% 100% On January 4, 2021, we closed the sale of our fee-for-service business Fidelta. Selvita S.A. acquired 100% of the outstanding shares in Fidelta. In 2022, we acquired all of the issued and outstanding shares of CellPoint and AboundBio. There are no significant restrictions on the group’s ability to access or use assets and settle liabilities of one of the group’s subsidiaries. |
Financial risk management
Financial risk management | 12 Months Ended |
Dec. 31, 2022 | |
Financial risk management | |
Financial risk management | 34. Financial risk management Financial risk factors Our financial risks are managed centrally. Our finance department coordinates the access to national and international financial markets and considers and manages continuously the financial risks concerning our activities. These relate to the following financial markets risks: credit risk, liquidity risk, currency risk and interest rate risk. Our interest rate risk is limited because we have no financial debt. In case of decreasing interest rates we will face a reinvestment risk on our strong cash and cash equivalents and current financial investments balance. We do not buy or trade financial instruments for speculative purposes. Categories of financial assets and liabilities: December 31, 2022 2021 2020 (Euro, in thousands) Financial assets held at fair value through profit or loss Equity instruments € — € — € 8,951 Current financial investments 1,292,514 1,317,460 1,571,858 Financial assets at amortized cost Current financial investments 2,293,431 1,152,349 1,454,420 Cash and cash equivalents 508,117 2,233,368 2,135,187 Restricted cash (current and non-current) 4,569 1,425 1,482 Other non-current assets 1,209 1,048 907 Trade receivables 28,194 91,786 184,632 Total financial assets € 4,128,033 € 4,797,436 € 5,357,438 Financial liabilities held at fair value through profit or loss Current financial instruments € 19 € 204 € 3,164 Current contingent consideration related to milestones CellPoint 8,485 — — Non-current contingent consideration related to milestones CellPoint 13,582 — — Financial liabilities at amortized cost Trade liabilities 68,928 84,519 134,905 Lease liabilities 21,901 26,859 29,436 Current deferred consideration payable CellPoint 6,222 — — Total financial liabilities € 119,137 € 111,582 € 167,505 The carrying amounts of trade and other payables and trade and other receivables are considered to be the same as their fair values, due to their short-term nature. Financial assets held at fair value through profit or loss Financial assets held at fair value through profit or loss consisted of equity instruments of listed/non-listed companies and current financial investments . We have no restrictions on the sale of these equity instruments and the assets are not pledged under any of our liabilities. These instruments are classified as financial assets held at fair value adjustment through profit or loss. The equity investments in listed companies qualified for level 1 fair value measurement based upon the closing price of such securities on Euronext at each reporting date. The market price of those shares might face fluctuations and might be affected by a variety of factors, such as the global economic situation, the business development of competitors, sector mergers and acquisitions; it is difficult to mitigate this risk. The fair value of the equity instrument in the non-listed company has been determined mainly by reference to the initial transaction price (classified as level 3 in the fair value hierarchy). Current financial investments include money market funds in EUR and USD, which all classify for level 1 fair value measurement. Liquidity risk Current financial investments and cash and cash equivalents amounted to €4,094.1 million on December 31, 2022. Management forecasts our liquidity requirements to ensure that we have sufficient cash to meet operational needs. We have no credit lines. Such forecasting is based on realistic assumptions with regards to product sales, royalties, milestone and upfront payments to be received, taking into account our past track record, including the assumption that not all new projects that are being planned will be realized. All our and cash and cash equivalents have only an insignificant liquidity risk as they are all convertible upon a maximum three month notice period and without incurring a significant penalty in normal market circumstances. Credit risk The term “credit risk” refers to the risk that counterparty will default on its contractual obligations resulting in financial loss for us. The trade receivables consist of a receivables on our collaboration partner Gilead, creditworthy pharmaceutical wholesalers and hospitals in Europe. To limit the risk of financial losses, we have developed a policy of only dealing with creditworthy counterparties. We grant credit to our clients in the framework of our normal business activities. Usually, we require no pledge or other collateral to cover the amounts due. Management continuously evaluates the client portfolio for creditworthiness. All our receivables are considered collectable. We applied the IFRS 9 simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. The provision for expected credit losses was not significant given that there is no history of material credit losses and the high quality nature of our customers. Aging balance of receivables that are due, but that are still considered collectable: December 31, 2022 2021 2020 (Euro, in thousands) 60 - 90 days € 424 € 141 € — 90 - 120 days 208 92 — more than 120 days € 473 € 113 € — Our cash and cash equivalents are invested primarily in current, notice and term accounts. For banks and financial institutions, only independently rated parties with a minimum rating of ‘A’ are accepted at the beginning of the term. Our current financial investments are also kept within different financial institutions and include term deposits, money market funds and treasury bills with an AAA rating. Interest rate risk The only variable interest-bearing financial instruments are cash and cash equivalents and current financial investments. Changes in interest rates may cause variations in interest income and expenses resulting from short term interest-bearing assets. Management does not expect the short term interest rates to decrease significantly in the immediate foreseeable future, which limits the interest exposure on our cash and cash equivalents and current financial investments. Effect of interest rate fluctuation A 100 basis point increase in interest rates at balance sheet date would have increased profit or loss, and equity, by approximately €40.9 million (2021: €47.0 million; 2020: €51.7 million); a 100 basis point decrease in interest rates would have decreased profit or loss, and equity, by approximately €40.9 million (2021: €47.0 million; 2020: €51.7 million). Foreign exchange risk We are exposed to foreign exchange risk arising from various currency exposures. Our principal functional currency is euro, but we receive payments from our main collaboration partner Gilead in U.S. dollars and acquire some consumables and materials in U.S. dollars, Swiss Francs and GB Pounds. To limit this risk, we attempt to align incoming and outgoing cash flows in currencies other than EUR. In addition, contracts closed by our different entities are mainly in the functional currencies of that entity, except for the collaboration agreement signed with Gilead for which payments are denominated in U.S. dollars. The exchange rate risk in case of a 10% change in the exchange rate amounts to: December 31, 2022 2021 2020 Net book value (Euro, in thousands) Increase in Euros - U.S. Dollars € (85,140) € (83,996) € (116,690) Increase in Euros - GB Pounds 960 1,093 303 Increase in Euros - CH Francs 557 233 2,013 The exchange rate risk on the U.S. dollar is primarily related to our cash and cash equivalents and current financial investments held in U.S dollars. Capital risk factors We manage our capital to safeguard that we will be able to continue as a going concern. At the same time, we want to ensure the return to our shareholders through the results from our research and development activities. Our capital structure consists of current financial investments, cash and cash equivalents, and equity attributed to the holders of our equity instruments, such as capital, reserves and results carried forward, as mentioned in the consolidated statement of changes in equity. We manage our capital structure and make the necessary adjustments in the light of changes of economic circumstances, the risk characteristics of underlying assets and the projected cash needs of the current research and development activities. The adequacy of the capital structure will depend on many factors, including scientific progress in the research and development programs, the magnitude of those programs, the commitments to existing and new clinical CROs, the ability to establish new alliance or collaboration agreements, the capital expenditures, the new commercial activities, market developments and any future acquisition. Neither Galapagos NV nor any of its subsidiaries are subject to any externally imposed capital requirements, other than those imposed by generally applicable company law requirements. |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2022 | |
Auditor's remuneration | |
Auditor's remuneration | 35. Auditor’s remuneration The statutory auditor’s fees for carrying out its mandate at group level amounted to €1,127.1 thousand in 2022 (2021: €860.3 thousand). Audit-related fees, which generally the auditor provides, amounted to €26.9 thousand in 2022 (2021: €101.1 thousand). Other fees related to non-audit services executed by the statutory auditor amounted to €nil in 2022 (2021: €nil). Other fees related to non-audit services executed by persons related to the statutory auditor amounted to €429.5 thousand in 2022 and related to IT and quality management (2021: €587.7 thousand). The Audit Committee and the Board of Directors are of the opinion that these non-audit services do not affect the independence of the statutory auditor in the performance of his audit. The abovementioned additional fees were fully approved by the Audit Committee in accordance with article 3:64 of the Belgian Companies Code. |
Events after balance sheet date
Events after balance sheet date | 12 Months Ended |
Dec. 31, 2022 | |
Events after balance sheet date | |
Events after balance sheet date | 36. Events after balance sheet date On February 8, 2023, we announced topline results from Phase 3 DIVERSITY trial of filgotinib in CD, and our decision not to submit a Marketing Authorization Application in Europe based on these topline results. By consequence, we expect a decrease to the total estimated remaining costs for us to complete the filgotinib development, resulting in a positive catch up of revenues in 2023. At the time of the issuance of this annual report, our re-assessment of the estimated remaining costs is still ongoing. If our best estimate of the remaining cost to complete the filgotinib performance obligation would be decreased by 15% to 25%, this would result in an increase in revenue recognition in 2023 of €50 million to €86 million, and a corresponding decrease in current and non-current deferred income. On March 20, 2023, 61,560 subscription rights were exercised (with an average exercise price of €28.75 per subscription right). This resulted in a share capital increase (including issuance premium) at Galapagos NV of €1,769,850.00 and the issuance of 61,560 new ordinary shares. The closing price of our share on Euronext Brussels and Amsterdam on March 20, 2023, was €35.47. |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Significant accounting policies | |
Basis Of Presentation And Going Concern Assumption | BASIS OF PREPARATION AND GOING CONCERN ASSUMPTION The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB) and the interpretations issued by the IASB’s International Financial Reporting Interpretation Committee. The consolidated financial statements provide a general overview of our activities and the results achieved. They give a true and fair view of our financial position, our financial performance and cash flows, on a going concern basis. |
New Standards and Interpretations Applicable for the Annual Period | NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2021 New standards and interpretations applicable for the annual period beginning on January 1, 2021 did not have a material impact on our consolidated financial statements. NEW STANDARDS AND INTERPRETATIONS APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2022 New standards and interpretations applicable for the annual period beginning on January 1, 2022 did not have a material impact on our consolidated financial statements. |
Standards And Interpretations Published But Not Yet Applicable For The Annual Period | STANDARDS AND INTERPRETATIONS PUBLISHED, BUT NOT YET APPLICABLE FOR THE ANNUAL PERIOD BEGINNING ON JANUARY 1, 2022 A number of new standards are effective for annual periods beginning on or after January 1, 2023 with earlier adoption permitted. However we have not early adopted new or amended standards in preparing our consolidated financial statements. We are currently still assessing the impact of these new accounting standards and amendments that are not yet effective but we expect no standard to have a material impact on our financial statements in the period of initial application. The following amendments are effective for the period beginning 1 January 2023: ● Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2); ● Definition of Accounting Estimates (Amendments to IAS 8); ● Deferred Tax Related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12); and ● IFRS 17 Insurance Contracts and Amendments to IFRS 17. The following amendments are effective for the period beginning 1 January 2024: ● ● ● |
Consolidated Reporting | CONSOLIDATED REPORTING The consolidated financial statements comprise the financial statements of Galapagos NV and entities controlled by Galapagos NV (subsidiaries). Control is achieved where Galapagos NV has the power to direct the relevant activities of another entity so as to obtain benefits from its activities. The results of subsidiaries are included in the statement of operations and statement of comprehensive income from the effective date of acquisition up to the date when control ceases to exist. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency with our accounting policies. All intra-group transactions, balances, income and expenses are eliminated when preparing the consolidated financial statements. |
Business Combinations | BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. In the statement of financial position, the acquiree’s identifiable assets, liabilities and contingent liabilities are initially recognized at their fair value at the acquisition date. The results of acquired operations are included in our consolidated statement of operations from the date on which control is obtained. Any contingent consideration to be transferred by us will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration, which is deemed to be an asset or liability, will be recognized in profit or loss. The excess of the fair value of the total purchase consideration transferred over the fair value of the acquired assets and assumed liabilities is recognized as goodwill. The valuations in support of fair value determinations are based on information available at the acquisition date. Acquisition related costs are expensed as incurred. Contingent amounts payable or paid by us to former shareholders of acquired companies, who continue to be employed by us, but which would be automatically forfeited (or become repayable) upon termination of employment before a specific date, are classified as remuneration for post-combination services on the appropriate line in our consolidated statement of operations. These cash-settled contingent amounts are recognized in accordance with IAS 19 and are recorded in the statement of financial position on the lines “other (non-) current assets” and “other non-current/trade and other liabilities” depending on the timing of the payment by us. |
Goodwill | GOODWILL Goodwill is initially measured as the excess of the total purchase consideration transferred and the fair value of the acquired assets and assumed liabilities. Subsequently, goodwill is stated at cost less impairments and tested for impairment at least annually at the level of the cash generating unit to which it was allocated. Any impairment costs are recorded in our consolidated statement of operations on the line “Other operating income/expenses”. |
Intangible Assets Other Than Goodwill | INTANGIBLE ASSETS OTHER THAN GOODWILL Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally generated intangible asset arising from our development activities is recognized only if all of the following conditions are met: ● Technically feasible to complete the intangible asset so that it will be available for use or sale ● We have the intention to complete the intangible assets and use or sell it ● We have the ability to use or sell the intangible assets ● The intangible asset will generate probable future economic benefits, or indicate the existence of a market ● Adequate technical, financial and other resources to complete the development are available ● We are able to measure reliably the expenditure attributable to the intangible asset during its development (i) Internally generated intangible assets The amount capitalized as internally generated intangible assets is the sum of the development costs incurred as of the date that the asset meets the conditions described above. Because of risks and uncertainties inherent to the regulatory authorizations and to the development process itself, management estimates that the conditions for capitalization are not met until we obtain regulatory approval from the competent authorities. Currently we recognize all development costs as an expense in the period in which they are incurred, even for approved products because they do not generate separately identifiable incremental future economic benefits that can be reliably measured. (ii) Licences, rights and in-process research and development Acquired in-process research and development obtained through in-licensing agreements, business combinations, collaboration agreements or separate acquisitions are capitalized as an intangible asset provided that they are separately identifiable, controlled by us and expected to provide economic benefits. As the probability criterion in IAS 38 is always considered to be satisfied for separately acquired research and development assets, upfront and milestone payments to third parties for products or compounds for which regulatory approval has not yet been obtained are recognized as intangible assets. We consider such intangible assets as not yet available for use until the moment that the underlying asset is approved and commercially launched. Amortization will commence when the underlying asset is approved for commercialization and the asset will be amortized over its useful life. Intangible assets may also consist of upfront fees paid to third party institutions in exchange for an option to negotiate a license to any of the third party’s rights in technology resulting from the collaboration. The upfront fee paid in exchange for this option is capitalized as intangible asset and amortized over the expected duration of the option. Exclusivity contracts and technology acquired through business combinations are valued independently as part of the fair value of the businesses acquired and are amortized over their estimated useful lives. The estimated useful life is based on the lower of the contract life or the economic useful life. In the event an asset has an indefinite life, this fact is disclosed along with the reasons for being deemed to have an indefinite life. Intangible assets with an indefinite useful life and intangible assets which are not yet available for use are tested for impairment annually, and whenever there is an indication that the asset might be impaired. (iii) Software Acquired software is recognized at cost less accumulated amortization and any impairment loss. Amortization is recognized so as to write off the cost of assets over their useful lives (generally between 3 and 5 years), using the straight-line method. (iv) Contract costs Contract costs are those costs we incur to obtain a contract with a customer that we would not have incurred if the contract has not been obtained and are capitalized as intangible assets only if they are expected to be recoverable. Capitalized contract costs are amortized on a systematic basis that reflects the pattern of transfer of the related promised goods or services to the customer. Costs that we would have incurred regardless of whether the contract is obtained or those costs that are not directly related to obtaining a contract would not be capitalized. |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are recognized at cost less accumulated depreciation and any impairment loss. Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is recognized so as to write off the cost of assets over their useful lives, using the straight-line method, on the following bases: ● Installation & machinery: 3 – 15 years ● Furniture, fixtures & vehicles: 4 – 10 years Leasehold improvements are depreciated 3 -10 years, being the term of the lease, unless a shorter useful life is expected. The other tangible assets category mainly consists of assets under construction. Assets under construction are not depreciated. Any gain or loss incurred at the disposal of an asset is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit or loss. |
Leases | LEASES All leases are accounted for by recognizing a right-of-use asset and a corresponding lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the lease payments that are not paid at the commencement date, discounted using the rate implicit in the lease. If this rate cannot be readily determined, we will apply the incremental borrowing rate. The lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, expected residual value guarantees, termination penalties and extension option payments or purchase options if we are reasonably certain to exercise this option. After initial recognition, the lease liability will be measured at amortized cost using the discount rate determined at commencement and will be re-measured (with a corresponding adjustment to the related right-of-use asset) when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessment of options. At the commencement date, the right-of-use assets are measured at cost, comprising the amount of the initial lease liability, initial direct costs and the expected dismantling and removing costs (when we incur an obligation for these costs), less any lease incentives received from the lessors. After initial recognition, the right-of-use assets are measured at cost and depreciated over the shorter of the underlying asset's useful life and the lease term on a straight-line basis. The right-of-use assets will be adjusted for any re-measurements of the lease liability as a result of lease modifications. The right-of-use assets are subject to impairment testing if there is an indicator for impairment, as for property, plant and equipment. The right-of-use assets are presented in the statement of financial position under the caption “property, plant and equipment” and the lease liabilities are presented as current and non-current lease liabilities. In determining the lease term, we consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. We only include extension options (or periods after termination options) in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within our control. Each lease payment is allocated between the liability and financial expenses. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. |
Inventories | INVENTORIES Inventories consist of raw materials, semi-finished products and finished products. These inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, conversion costs and transportation costs, and is determined using the FIFO-method. |
Financial Instruments | FINANCIAL INSTRUMENTS Financial assets and financial liabilities are recognized in our statement of financial position when we become a party to the contractual provisions of the instrument. We do not actively use currency derivatives to hedge planned future cash flows, nor do we make use of forward foreign exchange contracts, outside of the Gilead transaction, fully settled at December 31, 2019. Additionally, we do not have financial debts at December 31, 2022. (i) Financial assets Financial assets are initially recognized either at fair value or at their transaction price. All recognized financial assets will subsequently be measured at either amortized cost or fair value under IFRS 9 on the basis of both our business model for managing the financial assets and the contractual cash flow characteristics of the financial asset. ● a financial asset that (i) is held within a business model whose objective is to collect the contractual cash flows and (ii) has contractual cash flows that are solely payments of principal and interest on the principal amount outstanding is measured at amortized cost (net of any write down for impairment), unless the asset is designated at fair value through profit or loss (FVTPL) under the fair value option; ● a financial asset that (i) is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets and (ii) has contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding, is measured at fair value through other comprehensive income (FVTOCI), unless the asset is designated at FVTPL under the fair value option; ● all other financial assets are measured at FVTPL. A financial asset is classified as current when the cash flows expected to flow from the instrument mature within one year. We derecognize a financial asset when the contractual rights to the cash flows from the asset expire, or we transfer the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. We classify non-derivative financial assets into the following categories: ● financial assets at fair value through profit or loss (equity instruments, current financial investments and cash equivalents) ● financial assets at amortized cost (receivables, current financial investments and cash and cash equivalents). Financial assets at fair value through profit or loss Financial assets are designated at fair value through profit or loss if we manage such investments and make purchase and sale decisions based on their fair value in accordance with the investment strategy. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein, which take into account any dividend income, are recognized in profit or loss. Equity instruments We hold investments in equity instruments, which based on IFRS 9, are designated as financial assets at fair value through profit or loss. The fair value of listed investments is based upon the closing price of such securities on Euronext at each reporting date. If there is no active market for an equity instrument, we establish the fair value by using valuation techniques. Current financial investments measured at fair value through profit or loss Current financial investments include financial assets measured at fair value through profit or loss and may comprise short term bond funds that have a maturity equal or less than 12 months, and money market funds. Cash equivalents measured at fair value through profit or loss Cash equivalents measured at fair value through profit or loss may comprise bonds and money market funds that are readily convertible to cash and are subject to an insignificant risk of changes in value. Financial assets at amortized cost Receivables Receivables are designated as financial assets measured at amortized cost. They are initially measured either at fair value or at transaction price, in the absence of a significant financing component. All receivables are subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Receivables mainly comprise trade and other receivables and current/non-current R&D incentives receivables. The R&D incentives receivables relate to refunds resulting from R&D incentives on research and development expenses in France and Belgium. Research and development incentives receivables are discounted over the period until maturity date according to the appropriate discount rates. Current financial investments measured at amortized cost Current financial investments measured at amortized cost include treasury bills that have a maturity equal to or less than 12 months. We apply settlement date accounting for the recognition and de-recognition of current financial investments measured at amortized cost. Current financial investments measured at amortized cost also include short-term deposits with maturities exceeding three months from the acquisition date. Cash and cash equivalents measured at amortized cost Cash and cash equivalents measured at amortized cost mainly comprise of notice accounts and short-term deposits that are readily convertible to cash within three months or less and that are subject to an insignificant risk of changes in value. Cash and cash equivalents exclude restricted cash, which is presented in the line other non-current assets in the statement of financial position. (ii) Financial liabilities Financial liabilities are initially measured either at fair value or at their transaction price. Subsequent to initial recognition, financial liabilities are measured at amortized cost. Financial liabilities mainly comprise trade and other liabilities and contingent consideration liabilities. Trade and other liabilities are comprised of liabilities that are due less than one year from the balance sheet date and are in general not interest bearing and settled on an ongoing basis during the financial year. They also include accrued expenses related to our research and development project costs. We derecognize a financial liability when its contractual obligations are discharged, cancelled or expire. Contingent consideration liabilities Any contingent consideration to be transferred by us in relation to businesses acquired are linked to milestone payments and are initially recognized at fair value as a financial liability. They are adjusted for the probability of their likelihood of payment and are appropriately discounted to reflect the impact of time. Changes in the fair value of these contingent consideration liabilities in subsequent periods are recognized in our consolidated statement of operations on the line “other operating income/expense”. The effect of unwinding the discount over time is recognized on the line “other financial expenses”. (iii) Financial instruments: derivative assets/liabilities Financial assets and financial liabilities are recognized on our statement of financial position when we become a party to the contractual provisions of the instrument. Derivative assets and liabilities are initially measured at fair value. After initial measurement we will measure the derivatives at fair value through profit or loss. |
Taxation | TAXATION Income tax in the profit or loss accounts represents the sum of the current tax and deferred tax. Current tax is the expected tax payable on the taxable profit of the year. The taxable profit of the year differs from the profit as reported in the financial statements as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. Our liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred income tax is provided in full, using the liability-method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, the deferred income tax is not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. As such, a deferred tax asset for the carry forward of unused tax losses will be recognized to the extent that is probable that future taxable profits will be available. |
Foreign Currencies | FOREIGN CURRENCIES ● Functional and presentation currency Items included in the financial statements of each of our entities are valued using the currency of the primary economic environment in which the entity operates. The consolidated financial statements are presented in Euros, which is our presentation currency. ● Transactions and balances in foreign currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at closing rates of monetary assets and liabilities denominated in foreign currencies are recognized in the financial result in the statement of operations. Non-monetary assets and liabilities measured at historical cost that are denominated in foreign currencies are translated using the exchange rate at the date of the transaction. ● Financial statements of foreign group companies The results and financial position of all our entities that have a functional currency different from Euro are translated as follows: ● Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; ● Income and expenses for each statement of operations are translated at average exchange rates; ● All resulting cumulative exchange differences are recognized as a separate component of equity; ● Such cumulative exchange differences are recognized in profit or loss in the period in which the foreign operation is disposed of. |
Recognition Of Expenses Linked To Clinical Trial Milestones | RECOGNITION OF EXPENSES LINKED TO CLINICAL TRIAL MILESTONES We recognize expenses specifically linked to clinical trial milestones with regard to patient recruitment and patient treatment (i.e. completion), incurred in carrying out clinical trials, in line with actual patient recruitment or treatment at each period end, in reference to the milestone targets for patient recruitment or treatment. This involves the calculation of clinical trial accruals at each period end, for which an estimation of the expected full clinical trial milestone cost is required, as well as the current stage of patient recruitment or treatment. Clinical trials usually take place over extended time periods and typically involve a set-up phase, a recruitment phase and a completion phase which ends upon the receipt of a final report containing full statistical analysis of trial results. Accruals for patient recruitment and patient completion are prepared separately for each clinical trial in progress and take into consideration the stage of completion of each trial including the number of patients that have entered the trial and the number of patients that have been treated in the trial. In all cases, the full cost of each trial is expensed by the time the final report is received. |
Revenue Recognition | REVENUE RECOGNITION Revenues to date have consisted principally of collaboration revenues, which consist of milestones, license fees, non-refundable upfront fees and royalties received in connection with collaboration and license agreements. We also generated revenue from our fee-for-service activities, which is reported as discontinued operations per December 31,2020 and per December 31,2021. The revenue recognition policies can be summarized as follows: We recognize revenue when our customer obtains control of promised goods or services, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services. To determine revenue recognition for agreements that we determine are within the scope of IFRS 15, we perform the following five steps: COLLABORATION REVENUES (i) identify the contract In our agreements with customers we are mainly transferring licenses on our IP and in some cases this is combined with access rights and/or providing research and development services and/or cost sharing mechanisms. In some cases our collaborations also include an equity subscription component. If this is the case, we analyze if the criteria to combine contracts, as set out by IFRS 15, are met. (ii) identify the performance obligations in the contract Depending on the type of the agreement, there can be one or more distinct performance obligations under IFRS 15. This is based on an assessment of whether the promises in an agreement are capable of being distinct and are distinct from the other promises to transfer goods and/or services in the context of the contract. For some of our agreements we combine the transfer of the license with the performance of research and development activities because we consider that the license is not capable of being distinct and is not distinct in the context of the contract. (iii) determine the transaction price Collaboration and license agreements with our commercial partners for research and development activities generally include non- upfront fees; milestone payments, the receipt of which is dependent upon the achievement of certain clinical, regulatory or commercial milestones; license fees, royalties on sales and sometimes reimbursement income or profits sharing arrangements. a/ License fees or upfront payments If the license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable upfront fees allocated to the license at the point in time the license is transferred to the customer and the customer has the right to use the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time. If the performance obligation is satisfied over time, revenue is then recognized based on a pattern that best reflects the transfer of control of the service to the customer. b/ Milestone Payments other than sales based milestones A milestone payment is only included in the transaction price to the extent that it is highly probable . W price we estimate the amount to be included in the transaction price using the most likely amount method. The transaction price is allocated to each performance obligation on a stand-alone selling price basis. We recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint. If necessary we adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. c/ Reimbursement Income for R&D Services Collaboration and license agreements may include reimbursement or cost sharing for research and development services: such as outsourcing costs and payment for FTEs at contractual rates. R&D services are performed and satisfied over time given that the customer simultaneously receives and consumes the benefits provided by us. Such costs reimbursements received are recognized in revenues when costs are incurred and agreed by the parties when we are acting as a principal in the scope of our stake of the R&D activities. If the later condition is not fulfilled, costs reimbursements are d/ Sales based milestone payment and Royalties License and collaboration agreements include sales-based royalties, including commercial milestone payments based on the level of sales, and the license has been deemed to be the predominant item to which the royalties relate. Related revenue is recognized as the subsequent underlying sales occur. (iv) allocate the transaction price to the performance obligations in the contract We allocate the transaction price to each performance obligation identified in the contract based upon the stand-alone selling price. The stand-alone selling price of each performance obligation is estimated by using one of the following methods: adjusted (v) recognize revenue when (or as) the entity satisfies a performance obligation Revenue is recognized when our customer obtains control of the goods and/or services foreseen in the contracts. The control can be transferred In case of revenue recognition over time, we use an input model that considers estimates of the percentage of total research and development costs that are completed each period compared to the total estimated costs (percentage of completion method PRODUCT NET SALES Revenue on the sale of Jyseleca is recorded as “Product net sales” in our consolidated statement of operations. Product net sales is the net amount of revenue recognized resulting from transferring control over our products to our customer (for example wholesalers and hospitals). Product sales revenue is recognized at a point in time when control of the goods has transferred The amount of revenue recognized is the amount allocated to the satisfied performance obligation taking into account variable consideration. The estimated amount of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Variable consideration that is included in the transaction price is primarily composed of rebates, discounts, cash discounts and chargebacks granted to various customers that are part of commercial and governmental contractual arrangements or other reimbursement The amount of variable consideration is estimated using several elements such third-party market data, product pricing, the specific terms in the individual agreements, estimated inventory levels and the shelf life of our product. If actual results differ, these Net sales are presented We refer to note 6 for detailed information per agreement and to our Critical judgments in applying accounting policies for more information. COST OF SALES Cost of sales includes primarily the purchase OTHER OPERATING INCOME Grants and R&D incentives As we carry out extensive research and development activities, we benefit from various grants and R&D incentives from certain governmental agencies. These grants and R&D incentives generally aim to partly reimburse (approved) expenditures incurred in our research and development efforts and are credited to the statement of operations, under other income, when the relevant expenditure has been incurred and there is reasonable assurance that the grants or R&D incentives are receivable. |
Equity Instruments | EQUITY INSTRUMENTS Equity instruments issued by us are measured by the fair value of the proceeds received, net of direct issue costs. |
Employee Benefits | EMPLOYEE BENEFITS a/ Defined contribution plans Contributions to defined contribution pension plans are recognized as an expense in the statement of operations as incurred. b/ Defined benefit plans For defined retirement benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. Re-measurement, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognized in other comprehensive income in the period in which they occur. Re-measurement recognized in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss. Past service cost is recognized in profit or loss in the period of a plan amendment. Net interest is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset. Defined benefit costs are categorized as follows: ● Service cost (including current service cost, past service cost, as well as gains and losses on curtailments and settlements) ● Net interest expenses or income ● Re-measurement The retirement benefit obligation recognized in the consolidated statement of financial position represents the actual deficit or surplus in the defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or a reduction in future contributions to the plans. A liability for a termination benefit is recognized at the earlier of when we can no longer withdraw the offer of the termination benefit and when we recognize any related restructuring costs. c/ Staff bonus plan We recognize an expense in the statement of operations for staff bonus plans. d/ Management bonus plan The members of the Executive Committee, together with other senior managers are eligible to receive a bonus based on achievement of personal and corporate objectives. This bonus is paid in cash. |
Share-Based Payments | SHARE-BASED PAYMENTS a/ Equity-settled share based payments We grant equity-settled incentives to certain employees, members of the Executive Committee and consultants in the form of subscription rights. Equity-settled subscription rights are measured at fair value at the date of acceptance. The fair value determined at the acceptance date of the subscription rights is expensed over time until the end of the vesting period, based on our estimate of subscription right warrants that are expected to be exercised. Fair value is measured by use of the Black & Scholes model. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. b/ Long-term incentive plans in RSUs (Restricted Stock Units) Executive Committee members and other employees are granted RSUs. An RSU is a grant that takes the form of a promise that employees will receive Galapagos stock in the future and it will be payable, at the company’s discretion in cash or in shares, upon completion of a certain vesting period. Each RSU reflects the value of one Galapagos share. The RSUs are measured based on the average share price over the 30-calendar day period preceding the measurement date. We recognize the corresponding expense and liability over the vesting period. The fair value of the liability is re-measured at each reporting date because currently it is management’s intention to settle the RSUs in cash. |
Provisions | PROVISIONS Provisions are recognized in the statement of financial position when we have a present obligation as a result of a past event; when it is probable that an outflow of resources embodying economic benefits will be required to settle the obligations and a reliable estimate can be made of the amount of the obligations. The amount recognized as a provision is the best estimate of the expenditure required to settle the present obligation at the balance sheet date. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of the money and, when appropriate, the risk specific to the liability. |
Impairment | IMPAIRMENT (i) Financial assets The impairment loss of a financial asset measured at amortized cost is calculated based on the expected loss model. For trade receivables, in the absence of a significant financing component, the loss allowance is measured at an amount equal to lifetime expected credit losses. Those are the expected credit losses that result from all possible default events over the expected life of those trade receivables. Impairment losses are recognized in the consolidated statement of operations. (ii) Property, plant and equipment and intangible assets other than goodwill For intangible assets with an indefinite life or intangible assets not available for use yet, we perform an impairment test at least on an annual basis. Furthermore we review at each balance sheet date the carrying amount of our tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, we estimate the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash generating unit is estimated to be less than the carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognized as an expense immediately. When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined, had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss resulting from a sale of a subsidiary is recognized as income. (iii) Goodwill As goodwill is considered to have an indefinite life, it is tested for impairment annually, and whenever there is an indication that it may be impaired, by comparing its carrying amount with its recoverable amount. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Impairment losses on goodwill are not reversed . |
Net Income / Loss Per Share | NET INCOME / LOSS PER SHARE Basic net income/loss per share is computed based on the weighted average number of shares outstanding during the period. Diluted net income per share is computed based on the weighted average number of shares outstanding including the dilutive effect of warrants, if any. |
Segment Reporting | SEGMENT REPORTING We currently have one operating and reportable segment. Prior to the disposal of our fee-for-service business Fidelta in 2021 our reportable segments were R&D and fee-for-service business. Fidelta is reported as discontinued operations for the years ended December 31, 2020 and at December 31, 2021. |
Assets held for sale and discontinued operations | ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS A discontinued operation is a component of an entity that either has been disposed of, or that is classified as held for sale. It must either: represent a major separate line of business or geographical area of operations; be part of a single coordinated disposal plan; or be a subsidiary acquired exclusively with a view to resale. Intercompany transactions between continuing and discontinued operations are eliminated against discontinuing operations. Non-current assets and disposal groups are classified as assets held for sale if their carrying amount is to be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. They are stated at the lower of carrying amount and fair value less costs to sell with any resulting impairment recognized. Assets related to discontinued operations and assets of disposal group held for sale are not depreciated. On January 4, 2021, we sold of our fee-for-service business Fidelta. We classified the assets and the associated liabilities of Fidelta as held for sale in our financial statements for the year ended December 31, 2020. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment information | |
Summary of collaboration revenues by destination | Year ended December 31, 2022 2021 2020 (Euro, in thousands) United States of America € 414,129 € 467,978 € 472,445 Europe 3,552 2,114 5,605 Total collaboration revenues € 417,681 € 470,093 € 478,051 |
Summary of revenues by major customers | Year ended December 31, 2022 2021 2020 (Euro in thousands) % (Euro, in thousands) % (Euro in thousands) % Gilead: United States of America € 414,129 100% € 467,978 100% € 472,445 99% Europe 1,452 0% 2,071 0% 1,460 0% AbbVie: Europe — 0% — 0% (52) 0% Novartis: Europe 56 0% — 0% 4,125 1% Total revenues from major customers € 415,637 100% € 470,049 100% € 477,978 100% |
Schedule of non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts by location | December 31, 2022 2021 2020 (Euro, in thousands) Belgium € 72,087 € 98,295 € 113,524 France 20,397 21,051 18,398 The Netherlands 255,461 66,621 28,210 Switzerland 4,962 7,181 7,668 Spain 3,037 3,029 2,755 United States of America 12,729 136 372 Other 1,747 1,302 16 Total non-current assets € 370,420 € 197,615 € 170,943 |
Total revenues (Tables)
Total revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Total revenues | |
Revenue by collaboration and by category of revenue | Over time Point in time 2022 2021 2020 (Euro, in (Euro, in (Euro, in thousands) thousands) thousands) Recognition of non-refundable upfront payments and license fees € 370,078 € 433,884 € 411,417 Gilead collaboration agreement for filgotinib Ö 139,655 203,301 181,816 Gilead collaboration agreement for drug discovery platform Ö 230,423 230,582 229,601 Milestone payments 36,777 32,408 46,261 Gilead collaboration agreement for filgotinib Ö 34,777 32,408 46,261 Sobi distribution agreement for Jyseleca Ö 2,000 - - Reimbursement income 56 - 4,073 Novartis collaboration agreement for MOR106 Ö 56 - 4,125 AbbVie collaboration agreement for CF Ö - - (52) Royalties 10,770 3,801 16,300 Gilead royalties on Jyseleca Ö 10,726 3,757 16,227 Other royalties Ö 44 43 72 Total collaboration revenues € 417,681 € 470,093 € 478,051 |
Summary of allocation of transaction price | December 31, 2020 Other movements in 2021 Filgotinib amendment (September 6, 2021) December 31, 2021 Other movements in 2022 December 31, 2022 Allocation of transaction price Upfront consideration € 4,005,373 € 12,643 € 4,018,016 € 4,018,016 Milestones achieved 194,363 194,363 € 18,238 212,601 Royalties 16,227 € 3,757 19,984 10,726 30,710 Impact initial valuation of share subscription 124,604 124,604 124,604 4,340,567 3,757 12,643 4,356,967 28,964 4,385,931 Less : Warrants issuance liabilities Warrant A (43,311) (43,311) (43,311) Initial warrant B (2,545) (2,545) (2,545) Subsequent warrant B (7,859) 5,417 (2,442) 1,714 (728) 4,286,852 9,174 12,643 4,308,669 30,678 4,339,347 Allocation to performance obligations Ziritaxestat 666,967 666,967 666,967 Filgotinib (1) 1,326,814 3,757 € 12,643 1,343,214 28,964 1,372,178 Drug discovery platform (10 years) € 2,293,072 € 5,417 € 2,298,489 € 1,714 € 2,300,203 (1) With regard to the additional consideration received as a result of the Option, License and Collaboration agreement (July 14, 2019) allocated to the filgotinib performance obligation, we assumed the existence of a significant financing component estimated to €44.5 million as of December 31, 2019 reflecting the time value of money on the estimated recognition period. This financing component was reassessed to €55.3 million as of December 31, 2020, to €57.3 million on December 31, 2021 and to €58.7 million on December 31, 2022. |
Operating costs and other ope_2
Operating costs and other operating income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Summary of research and development expenditure | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (190,085) € (165,239) € (161,509) Subcontracting (214,906) (251,085) (301,841) Disposables and lab fees and premises costs (21,356) (24,025) (22,349) Depreciation (54,462) (17,518) (11,707) Professional fees (15,167) (15,862) (12,692) Other operating expenses (19,107) (17,978) (13,570) Total R&D expenses € (515,083) € (491,707) € (523,667) |
Summary of R&D expenditure by program | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Filgotinib program € (245,286) € (171,204) € (126,879) Ziritaxestat program (1,096) (26,725) (55,902) SIKi program (47,727) (91,957) (87,107) TYK2 program on GLPG3667 (24,467) (27,141) (20,199) CAR-T programs in oncology (29,999) — — Other programs (166,507) (174,680) (233,580) Total R&D expenses € (515,083) € (491,707) € (523,667) |
Summary of sales and marketing expenses | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (71,878) € (59,102) € (31,727) Depreciation (2,473) (504) (140) External outsourcing costs (54,057) (62,321) (31,885) Sales and marketing expenses recharged to Gilead 31 59,699 4,711 Professional fees (4,222) (532) (3,420) Other operating expenses (14,956) (7,196) (4,007) Total sales and marketing expenses € (147,555) € (69,956) € (66,468) |
Summary of general and administrative expenses | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Personnel costs € (85,034) € (71,190) € (70,110) Depreciation and impairment (8,631) (16,621) (5,147) Legal and professional fees (24,368) (26,072) (25,592) Other operating expenses (26,898) (27,016) (17,908) Total general and administrative expenses € (144,931) € (140,899) € (118,757) |
Schedule of other income | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Grant income € 1,873 € 7,334 € 5,452 R&D incentives 38,527 44,888 45,951 Other income 6,448 1,526 804 Total other operating income € 46,848 € 53,749 € 52,207 |
Staff costs (Tables)
Staff costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Staff costs | |
Staff costs | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Wages and salaries € (197,013) € (175,167) € (139,681) Social security costs (32,543) (29,934) (26,471) Pension costs (10,881) (8,467) (7,337) Costs related to subscription right plans (88,493) (70,726) (79,959) Other personnel costs (18,067) (11,237) (9,897) Total personnel costs € (346,997) € (295,531) € (263,345) |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial result | |
Schedule of other financial income and expense | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Fair value adjustments and net currency exchange differences: Net currency exchange gain/loss (-) € 44,359 € 56,492 € (105,718) Fair value re-measurement of warrants 186 2,960 3,034 Fair value gain/loss (-) on financial assets held at fair value through profit or loss — (4,919) 2,397 Fair value gain/loss (-) on current financial investments 6,929 6,763 (15,901) Total fair value adjustments and net currency exchange differences 51,473 61,296 (116,188) Other financial income: Interest on bank deposit 18,110 2,865 10,030 Discounting effect of non-current R&D incentives receivables 93 93 93 Other finance income 376 100 1,450 Total other financial income 18,578 3,058 11,573 Other financial expenses: Interest expenses (6,967) (11,656) (9,389) Discounting effect of non-current deferred income (7,672) (9,289) (16,278) Discounting effect of other non-current liabilities (2,271) — — Loss upon sale of financial assets held at fair value through profit or loss — — (88) Other finance charges (769) (812) (773) Total other financial expense (17,679) (21,757) (26,528) Total net other financial expense (-)/ income € 52,372 € 42,598 € (131,143) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income tax recognized in profit or loss | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Continuing operations Current tax € (4,071) € (2,020) € (1,069) Deferred tax 1,227 (404) (157) Income taxes € (2,844) € (2,423) € (1,226) |
Tax Liabilities | December 31, 2022 2021 2020 (Euro, in thousands) Current tax payable € 1,022 € 1,782 € 1,248 Total tax liabilities € 1,022 € 1,782 € 1,248 |
Tax reconciled to the accounting result | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Loss before tax € (215,147) € (122,999) € (309,775) Income tax debit/credit (-), calculated using the Belgian statutory tax rate on the accounting income/loss (-) before tax (theoretical) (53,787) (30,750) (77,444) Tax expenses in statement of operations (effective) 2,844 2,423 1,226 Difference in tax expense/income to explain € 56,631 € 33,173 € 78,670 Effect of tax rates in other jurisdictions € (337) € (582) € 184 Effect of non-taxable revenues (7,642) (9,413) (10,196) Effect of share based payment expenses without tax impact 22,127 17,682 19,990 Effect of expenses/income (-) not subject to tax (146) (907) (639) Effect of non tax-deductible expenses 3,224 3,812 1,053 Effect of recognition of previously non-recognized deferred tax assets (1,677) (1,411) (475) Effect of tax losses (utilized) reversed — (404) (150) Effect of under or over provision in prior periods 1,101 (840) (25) Effect of non-recognition of deferred tax assets 38,104 25,613 69,141 Effect of derecognition of previously recognized deferred tax assets 1,877 135 157 Effect of use of investment deduction — (512) (370) Total explanations € 56,631 € 33,173 € 78,670 |
Income_loss (-) per share (Tabl
Income/loss (-) per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income/loss (-) per share | |
Schedule of income/loss per share | Year ended December 31, 2022 2021 2020 Loss per share: Net loss attributable to owners of the parent (Euro, in thousands) € (217,991) € (103,231) € (305,436) Number of shares (thousands) Weighted average number of shares for the purpose of basic income/loss (-) per share 65,699 65,500 65,075 Basic loss per share (Euros) € (3.32) € (1.58) € (4.69) Net loss attributable to owners of the parent (Euro, in thousands) € (217,991) € (103,231) € (305,436) Number of shares (thousands) Weighted average number of shares for the purpose of diluted income/loss (-) per share 65,699 65,500 65,075 Number of dilutive potential ordinary shares — — — Diluted loss per share (Euros) € (3.32) € (1.58) € (4.69) |
Goodwill and impairment of go_2
Goodwill and impairment of goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and impairment of goodwill | |
Schedule of Goodwill | Cost (Euro, in thousands) On January 1, 2022 € — Recognized on acquisition of subsidiaries 69,893 Exchange differences on goodwill (80) On December 31, 2022 € 69,813 |
Intangible assets other than _2
Intangible assets other than goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets other than goodwill. | |
Schedule of intangible assets | Software & databases Licenses, rights, technology and in-process R&D Contract costs Total (Euro, in thousands) Acquisition value On January 1, 2020 € 14,541 5,172 15,384 35,099 Additions 9,494 39,299 48,793 Sales and disposals (17) (17) Reclassifications to assets held for sale (159) (38) (197) Translation differences (143) (1) (144) On December 31, 2020 23,717 44,432 15,384 83,534 Additions 2,423 1,250 3,673 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 24,554 € 39,929 € 15,384 € 79,868 Impact of acquisitions of businesses 124,570 124,570 Additions 1,126 8,423 9,549 Sales and disposals (913) (36,298) (37,211) Translation differences (36) (36) On December 31, 2022 € 24,767 € 136,588 € 15,384 € 176,740 Amortization and impairment On January 1, 2020 € 8,034 1,626 512 10,173 Amortization 2,303 2,289 1,538 6,130 Sales and disposals (17) (17) Reclassifications to assets held for sale (143) (33) (176) Translation differences (142) (142) On December 31, 2020 10,034 3,883 2,050 15,968 Amortization 3,529 2,053 1,538 7,120 Impairment 4,016 4,016 Sales and disposals (1,643) (5,753) (7,396) Translation differences 57 57 On December 31, 2021 11,977 € 4,199 € 3,588 € 19,765 Amortization 3,967 6,666 1,538 12,171 Impairment 35,666 35,666 Sales and disposals (913) (36,298) (37,211) Translation differences (4) (4) On December 31, 2022 € 15,031 € 10,229 € 5,126 € 30,387 Carrying amount On December 31, 2020 € 13,683 € 40,549 € 13,334 € 67,565 On December 31, 2021 € 12,577 € 35,730 € 11,796 € 60,103 On December 31, 2022 € 9,736 € 126,359 € 10,258 € 146,354 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment | |
Schedule of property, plant and equipment - Fully owned | FULLY OWNED Land, buildings & leasehold improvements Installation & machinery Furniture, fixtures & vehicles Other tangible assets Total (Euro, in thousands) Acquisition value On January 1 , 2020 € 5,284 44,655 4,028 17,856 71,823 Additions 885 3,737 1,824 32,218 38,664 Sales and disposals (51) (1,096) (81) (1,228) Reclassifications 10,625 (623) 2,084 (12,086) — Reclassifications to assets held for sale (2) (8,938) (484) (686) (10,110) Translation differences (2) (127) (19) (30) (178) On December 31, 2020 16,739 37,607 7,352 37,273 98,972 Additions 1,924 4,453 434 46,028 52,839 Sales and disposals (1,001) (1,177) (9,316) (11,494) Reclassifications 7,273 5,210 1,175 (13,658) — Translation differences 195 1 45 (3) 238 On December 31, 2021 26,131 € 46,270 € 7,829 € 60,324 € 140,555 Impact of acquisitions of businesses 29 2,117 108 2,254 Additions 914 5,688 3,438 19,296 29,336 Sales and disposals (2,846) (600) (1,344) (4,790) Reclassifications 64,286 3,580 167 (68,033) — Translation differences 205 (15) 43 233 On December 31, 2022 € 88,719 € 57,040 € 10,241 € 11,587 € 167,588 Depreciations and impairment On January 1 , 2020 € 3,080 25,885 2,119 31 31,117 Depreciation 654 3,587 1,418 7 5,666 Sales and disposals (51) (1,058) (77) (1,186) Reclassifications 46 (1,675) 1,629 — Reclassifications to assets held for sale (4,327) (448) (39) (4,814) Translation differences (1) (61) (13) (75) On December 31, 2020 3,728 22,350 4,628 — 30,708 Depreciation 1,749 3,398 1,113 6,260 Impairment 9,316 9,316 Sales and disposals (1,000) (1,178) (9,316) (11,494) Translation differences 28 1 18 47 On December 31, 2021 5,505 € 24,749 € 4,582 € — € 34,837 Depreciation 4,433 4,336 1,265 10,034 Sales and disposals (2,173) (574) (1,328) (4,075) Translation differences 49 (1) 18 66 On December 31, 2022 € 7,814 € 28,510 € 4,537 € — € 40,862 Carrying amount On December 31, 2020 € 13,011 € 15,257 € 2,724 € 37,273 € 68,264 On December 31, 2021 € 20,626 € 21,521 € 3,247 € 60,324 € 105,718 On December 31, 2022 € 80,905 € 28,530 € 5,704 € 11,587 € 126,726 |
Schedule of property, plant and equipment - Right of use | RIGHT-OF-USE Land & building Installation & machinery Furniture, fixtures & vehicles Total (Euro, in thousands) Acquisition value On January 1, 2020 € 27,364 554 3,307 31,225 Additions 18,341 186 2,932 21,459 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (5,940) (263) (6,202) Translation differences (88) (3) (90) On December 31, 2020 39,678 734 5,812 46,225 Additions 1,722 110 5,092 6,924 Sales and disposals (4,160) (251) (722) (5,133) Translation differences 221 2 223 On December 31, 2021 37,461 € 593 € 10,184 € 48,239 Additions 703 3,603 4,306 Sales and disposals (3,554) (156) (1,274) (4,984) Translation differences 224 (8) 216 On December 31, 2022 € 34,834 € 437 € 12,505 € 47,777 Depreciations and impairment On January 1, 2020 € 4,670 342 867 5,879 Depreciation 5,350 128 1,405 6,883 Sales and disposals (6) (161) (167) Reclassifications to assets held for sale (1,334) (115) (1,448) Translation differences (36) (1) (36) On December 31, 2020 8,651 464 1,995 11,111 Depreciation 5,466 161 2,296 7,923 Sales and disposals (1,696) (251) (722) (2,669) Translation differences 79 79 On December 31, 2021 12,500 € 374 € 3,569 € 16,444 Depreciation 4,421 134 3,141 7,696 Sales and disposals (2,602) (156) (1,235) (3,993) Translation differences 105 (2) 103 On December 31, 2022 € 14,424 € 352 € 5,473 € 20,250 Carrying amount On December 31, 2020 € 31,027 € 270 € 3,817 € 35,113 On December 31, 2021 € 24,961 € 219 € 6,615 € 31,794 On December 31, 2022 € 20,410 € 85 € 7,032 € 27,526 December 31, 2022 2021 2020 (Euro, in thousands) Carrying amount Property, plant and equipment fully owned € 126,726 € 105,718 € 68,264 Right-of-use 27,526 31,794 35,113 Total property, plant and equipment € 154,252 € 137,512 € 103,378 |
Other non-current assets (Table
Other non-current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other non-current assets | |
Schedule of other non-current assets | December 31, 2022 2021 2020 (Euro, in thousands) Non-current restricted cash € 4,569 € 1,425 € 1,482 Financial assets held at fair value through profit or loss — — 8,951 Other non-current assets 1,209 1,048 910 Total other non-current assets € 5,778 € 2,473 € 11,343 |
Schedule of financial assets held at fair value through profit or loss | December 31, 2022 2021 2020 (Euro, in thousands) Costs at January 1, € 1,994 € 3,910 € 4,736 Acquisitions of the year 12 12 1,994 Disposals of the year — (1,928) (2,820) Costs at December 31, 2,006 1,994 3,910 Fair value adjustment at January 1, (1,994) 5,042 6,539 Cancellation of fair value adjustment following disposal — (2,116) (3,894) Fair value adjustment of the year (12) (4,920) 2,397 Fair value adjustment at December 31, (2,006) (1,994) 5,042 Net book value at December 31, € — € — € 8,951 |
Research and Development ince_2
Research and Development incentives receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Research and Development incentives receivables | |
Schedule of the classifications of R&D incentives receivables | December 31, 2022 2021 2020 (Euro, in thousands) Non-current R&D incentives receivables € 119,941 € 127,186 € 111,624 Current R&D incentives receivables 26,126 16,827 24,104 Total R&D incentives receivables € 146,067 € 144,013 € 135,728 |
Schedule of maturities of non-current R&D incentives receivables | December 31, 2022 Maturity date 2024 2025 2026 2027 2028-2032 Total (Euro, in thousands) French non-current R&D incentives receivables - discounted value € 11,713 11,495 11,207 — — € 34,415 Belgian non-current R&D incentives receivables - discounted value 16,805 18,604 19,443 13,908 16,767 85,526 Total non-current R&D incentives receivables - discounted value € 28,518 € 30,099 30,650 13,908 16,767 € 119,941 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
Schedule of inventories | December 31, 2022 2021 2020 (Euro, in thousands) Raw materials € 39,071 € 14,351 Semi-finished products 5,791 1,376 Finished products 8,063 4,842 € 36 Total inventories € 52,925 € 20,569 € 36 |
Trade and other receivables a_2
Trade and other receivables and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables and other current assets | |
Schedule of trade and other receivables and other current assets | December 31, 2022 2021 2020 (Euro, in thousands) Non-current trade receivables — — € 50,000 Trade receivables € 28,194 € 91,786 134,632 Prepayments 488 202 219 Other receivables 11,747 19,349 13,568 Trade and other receivables 40,429 111,337 148,418 Consumables inventory — — 319 Accrued income 11,277 639 1,096 Deferred charges 12,029 9,306 10,502 Other current assets 23,307 9,945 11,917 Total trade and other receivables & other current assets € 63,735 € 121,282 € 210,335 |
Current financial investments (
Current financial investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Current financial investments | |
Schedule of current financial investments | December 31, 2022 2021 2020 (Euro, in thousands) Money market funds € 1,292,514 € 1,317,460 € 1,571,858 Treasury bills 749,835 877,349 1,454,420 Term deposits 1,543,596 275,000 — Total current financial investments € 3,585,945 € 2,469,809 € 3,026,278 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and cash equivalents | |
Schedule of cash and cash equivalents | December 31, 2022 2021 2020 (Euro, in thousands) Cash at banks € 458,117 € 1,225,860 € 1,239,993 Term deposits 50,000 1,007,508 895,194 Cash and cash equivalents from continuing operations 508,117 2,233,368 2,135,187 Cash and cash equivalents included in assets classified as held for sale — — 7,884 Total cash and cash equivalents € 508,117 € 2,233,368 € 2,143,071 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share capital | |
Schedule of reconciliation of share capital | 2022 2021 2020 (Euro, in thousands) On January 1 € 292,075 € 291,312 € 287,282 Share capital increase 1,530 763 4,031 Costs of capital increase — — — Share capital on December 31, € 293,604 € 292,075 € 291,312 Aggregate share capital € 356,112 € 354,582 € 353,819 Costs of capital increase (accumulated) (62,507) (62,507) (62,507) Share capital on December 31, € 293,604 € 292,075 € 291,312 |
Schedule of history of the share capital | Date Share capital increase due to exercise subscription rights (in thousands €) Number of shares issued (in thousands of shares) Aggregate number of shares after transaction (in thousands of shares) Aggregate share capital after transaction (in thousands €) January 1, 2020 64,667 349,789 March 17, 2020 824 152 May 28, 2020 2,356 436 September 19, 2020 467 86 December 4, 2020 384 71 December 31, 2020 65,412 353,819 March 19, 2021 540 100 June 7, 2021 59 11 September 20, 2021 41 8 December 3, 2021 123 23 December 31, 2021 65,553 € 354,582 March 18, 2022 517 96 June 20, 2022 434 80 September 27, 2022 579 107 December 31, 2022 65,836 € 356,112 |
Summary of capital increases | (Euro, in thousands, except share data) Number of shares Share capital Share premium Share capital and share premium Average exercise price subscription right Closing share price on date of capital increase ( in Euro/ subscription right) ( in Euro/ share) On January 1, 2020 64,666,802 287,282 2,703,583 2,990,865 March 17, 2020 : exercise of subscription rights 152,220 824 4,531 5,355 35.18 141.40 May 28, 2020 : exercise of subscription rights 435,540 2,356 15,558 17,914 41.13 186.60 September 18, 2020 : exercise of subscription rights 86,280 467 1,936 2,403 27.85 117.70 December 4, 2020 : exercise of subscription rights 70,925 384 2,232 2,616 36.88 100.30 On December 31, 2020 65,411,767 291,312 2,727,840 3,019,153 March 19, 2021 : exercise of subscription rights 99,814 540 1,718 2,258 22.62 68.48 June 7, 2021 : exercise of subscription rights 10,940 59 266 325 29.73 61.78 September 20, 2021 : exercise of subscription rights 7,600 41 111 152 19.97 46.93 December 3, 2021 : exercise of subscription rights 22,600 123 456 579 25.61 41.72 On December 31, 2021 65,552,721 € 292,075 € 2,730,391 € 3,022,467 March 18, 2022 : exercise of subscription rights 95,500 517 1,643 2,160 22.61 57.38 June 20, 2022 : exercise of subscription rights 80,290 434 1,025 1,460 18.18 53.52 September 27, 2022 : exercise of subscription rights 107,000 579 2,497 3,076 28.75 44.49 On December 31, 2022 65,835,511 € 293,604 € 2,735,557 € 3,029,162 |
Summary of other information | Ordinary shares Total Par value of shares (€) 5.41 5.41 |
Deferred tax (Tables)
Deferred tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred tax | |
Schedule of deferred tax | December 31, 2022 2021 2020 (Euro, in thousands) Recognized deferred tax assets and liabilities Assets € 1,363 € 4,032 € 4,475 Liabilities € 20,148 € — € — Deferred tax assets unrecognized € 460,102 € 408,892 € 365,639 Deferred taxes in the consolidated statement of operations € 1,227 € (404) € (157) Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) 1,677 1,411 581 Deferred tax benefit/expenses (-) relating to temporary differences 1,899 (629) (44) Deferred tax expenses relating to use of previously recognized deferred tax assets (2,348) (1,185) (695) |
Movements in deferred tax assets and deferred tax liabilities | Total Intangible assets other than goodwill Retirement benefit liabilities Tax loss carryforward Other (Euro, in thousands) On December 31, 2019 € 4,205 € 535 € 3,670 Credited/charged (-) to profit or loss (157) (65) (220) € 127 Credited to other comprehensive income 973 973 Classified to held for sale (543) (543) Exchange differences (3) (3) On December 31, 2020 4,475 1,440 2,907 127 Credited/charged (-) to profit or loss (404) (623) 226 (7) Charged to other comprehensive income (74) (74) Exchange differences 35 33 2 On December 31, 2021 4,032 € - 776 3,133 122 Impact of acquisition of businesses (23,265) (23,265) Credited/charged (-) to profit or loss 1,227 2,842 17 (1,797) 165 Reclassification — 275 (275) Charged to other comprehensive income (795) (795) Exchange differences 17 22 (6) On December 31, 2022 € (18,785) € (20,148) € 19 € 1,061 € 281 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease liabilities. | |
Schedule of lease liabilities | December 31, December 31, 2022 2021 2020 2022 2021 2020 (Euro, in thousands) (Euro, in thousands) Lease payments Present value of lease payments Lease liabilities Within one year € 7,507 € 7,557 € 6,772 € 7,209 € 7,204 € 6,401 In the second to fifth years inclusive 14,401 18,873 20,399 14,100 18,381 19,833 After five years 609 1,291 3,214 592 1,274 3,201 € 22,517 € 27,720 € 30,385 € 21,901 € 26,859 € 29,436 Less future finance charges 616 861 949 Present value of lease liabilities € 21,901 € 26,859 € 29,436 Less amount due for settlement within 12 months 7,209 7,204 6,401 Amount due for settlement after 12 months € 14,692 € 19,655 € 23,035 |
Trade and other liabilities a_2
Trade and other liabilities and other non-current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other liabilities and other non-current liabilities | |
Schedule of trade and other liabilities and other non-current liabilities | December 31, 2022 2021 2020 (Euro, in thousands) Trade and other liabilities € 133,298 € 134,304 € 171,316 Current contingent consideration related to milestones CellPoint 8,485 — — Current deferred consideration payable CellPoint 6,222 — — Current financial instruments 19 204 3,164 Accrued charges 651 3,114 1,070 Total trade and other liabilities € 148,675 € 137,622 € 175,550 Non-current contingent consideration related to milestones CellPoint € 13,582 € — € — Other non-current liabilities 8,226 7,135 8,096 Total other non-current liabilities € 21,808 € 7,135 € 8,096 |
Deferred income (Tables)
Deferred income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deferred income | |
Schedule of movement in the non-current and current deferred income | Total Gilead collaboration agreement for filgotinib Gilead collaboration agreement for drug discovery platform (1) Deferred income related to contracts in our fee-for-service segment Other deferred income (Euro, in thousands) On December 31, 2019 € 3,000,646 € 780,261 € 2,220,013 € 362 € 10 Upfront received 160,000 160,000 Milestones received 90,192 90,192 Significant financing component (2) 16,278 16,278 Revenue recognition of upfront (411,417) (181,816) (229,601) Revenue recognition of milestones (46,261) (46,261) Other movements (305) (362) 57 On December 31, 2020 2,809,133 818,654 1,990,412 — 67 Upfront received 12,643 12,643 Significant financing component (2) 9,289 9,289 Revenue recognition of upfront (433,884) (203,301) (230,582) Revenue recognition of milestones (32,408) (32,408) Other movements (67) (67) On December 31, 2021 2,364,701 604,875 1,759,828 — — Milestones received 18,238 18,238 Significant financing component (2) 7,672 7,672 Revenue recognition of upfront (370,078) (139,655) (230,423) Revenue recognition of milestones (34,777) (34,777) Other movements 3,474 3,474 On December 31, 2022 € 1,989,230 € 456,352 € 1,529,405 € — € 3,474 (1) The upfront received and the outstanding balance on December 31, 2022 and December 31, 2021 comprise the issuance liabilities for the warrants and the upfront payment allocated to the drug discovery platform. (2) With regard to the additional consideration received for the extended cost sharing for filgotinib, we assume the existence of a sigificant financing component reflecting the time value of money on the estimated recognition period |
Business combinations during _2
Business combinations during the period (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business combinations during the period | |
Schedule of fair value of identifiable assets and liabilities acquired | June 21, 2022 (Euro, in thousands) CellPoint AboundBio Total Book value Adjustment Fair value Book value Adjustment Fair value Intangible assets other than goodwill € 120,517 € 120,517 € 4,053 € 4,053 Property, plant and equipment € 1,289 1,289 € 965 965 Other non-current assets 81 81 4 4 Trade and other receivables 162 162 — — Cash and cash equivalents 3,179 3,179 4,279 4,279 Other current assets 1,254 1,254 536 536 Deferred tax liabilities — (22,368) (22,368) — (907) (907) Trade and other liabilities (32,789) (32,789) (587) (587) Current deferred income — — (474) (474) Net assets acquired (26,824) 98,149 71,325 4,723 3,146 7,869 Consideration paid in cash 107,750 14,976 Fair value re-measurement of previously held equity investment — 342 Deferred consideration 5,808 — Fair value of contingent consideration 20,211 — Fair value of total consideration 133,769 15,318 Goodwill 62,444 7,449 Exchange differences on goodwill — (80) Goodwill in the balance sheet € 62,444 € 7,369 € 69,813 Net cash outflow arising on acquisition Consideration paid in cash 107,750 14,976 Less: cash and cash equivalents balances acquired (3,179) (4,279) Cash out from acquisition of subsidiaries, net of cash acquired € 104,571 10,698 € 115,270 Cash used in operating activities for other liabilities related to the acquisition of subsidiaries € 28,164 € 28,164 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued operations | |
Schedule of financial statements in relation to the discontinued operations | Consideration received (Euro, in thousands) Cash received € 37,080 Total cash received € 37,080 Analysis of assets and liabilities over which control was lost January 4, 2021 (Euro, in thousands) Intangible assets € 21 Property, plant and equipment 10,050 Other non-current assets 160 Trade and other receivables 4,428 Cash and cash equivalents 7,884 Other current assets 863 Total assets 23,406 Non-current lease liabilities 4,115 Other non-current liabilities 70 Trade and other liabilities 4,479 Current lease liabilities 727 Income tax payable 356 Total liabilities 9,747 Net assets disposed of € 13,658 Gain on disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Net assets disposed of (13,658) Effect of cumulative translation adjustment reclassified from equity on loss of control (731) Costs associated to the sale (500) Gain on disposal € 22,191 Net cash proceeds from the disposal of Fidelta (Euro, in thousands) Cash received € 37,080 Less: cash and cash equivalents balances disposed of (7,884) Total consideration received, net of cash disposed of 29,196 Costs associated to the sale (500) Cash in from disposal of Fidelta, net of cash disposed of € 28,696 RESULT FROM DISCONTINUED OPERATIONS Year ended December 31, 2021 2020 (Euro, in thousands, except share and per share data) Fee-for-service revenues € — € 16,140 Total revenues — 16,140 Gain on disposal of subsidiaries 22,191 — Research and development expenses — (7,685) Sales and marketing expenses — — General and administrative expenses — (2,000) Other income — — Operating income 22,191 6,455 Other financial income — 179 Other financial expenses — (176) Income before tax 22,191 6,458 Income taxes — (893) Net income € 22,191 € 5,565 Basic income per share from discontinued operations € 0.34 € 0.09 Diluted income per share from discontinued operations € 0.34 € 0.08 Weighted average number of shares (in thousands of shares) 65,500 65,075 Weighted average number of shares - Diluted (in thousands of shares) 65,831 67,572 CASH FLOW FROM DISCONTINUED OPERATIONS 2022 2021 2020 (Euro, in thousands) Net cash flows generated from operating activities € — € — € 7,173 Net cash flows generated from/used in (-) investing activities — 28,696 (2,284) Net cash flows used in financing activities — — (664) Net cash flow from discontinued operations € — € 28,696 € 4,225 |
Note to the cash flow stateme_2
Note to the cash flow statement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Note to the cash flow statement | |
Adjustments related to operating cash flow | December 31, 2022 2021 2020 (Euro, in thousands) Adjustment for non-cash transactions Depreciation and impairment € 65,566 € 34,636 € 18,682 Share-based compensation expenses 88,506 70,726 79,959 Increase/decrease (-) in retirement benefit obligations and provisions 136 (2,347) (260) Unrealized exchange losses/gains (-) and non-cash other financial result (41,970) (57,073) 105,055 Discounting effect of non-current deferred income 7,672 9,289 16,278 Discounting effect of other non-current liabilities 2,271 — — Fair value re-measurement of warrants (186) (2,960) (3,034) Net change in (fair) value of current financial investments (6,929) (119) 15,900 Fair value adjustment financial assets held at fair value through profit or loss — 4,919 (2,396) Other non-cash expenses 2,229 648 539 Total adjustment for non-cash transactions € 117,296 € 57,718 € 230,723 Adjustment for items to disclose separately under operating cash flow Interest expense € 6,967 € 11,656 € 9,424 Interest income (14,344) (2,853) (7,476) Tax expense 2,844 2,423 2,119 Total adjustment for items to disclose separately under operating cash flow € (4,533) € 11,227 € 4,067 Adjustment for items to disclose under investing and financing cash flows Gain on disposal of subsidiaries € — € (22,191) € — Gain (-)/loss on sale of fixed assets (23) — 82 Realized exchange gain on sale of current financial investments — (6,645) — Interest income on current financial investments (3,766) (12) (2,554) Total adjustment for items to disclose separately under investing and financing cash flow € (3,789) € (28,847) € (2,472) Change in working capital other than deferred income Increase in inventories € (34,588) € (21,168) € (100) Increase (-)/ decrease in receivables 68,984 79,859 (177,155) Increase/decrease (-) in liabilities (2,083) (35,353) 31,163 Total change in working capital other than deferred income € 32,313 € 23,337 € (146,092) |
Off-balance sheet arrangements
Off-balance sheet arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Off-balance sheet arrangements | |
Schedule of outstanding obligation for future lease and purchase commitments | On December 31, 2022, we had outstanding obligations for future purchase commitments, which become due as Total Less than 1 year 1 - 3 years 3 - 5 years More than 5 years (Euro, in thousands) Purchase commitments € 398,627 € 240,237 € 136,560 € 20,797 € 1,032 |
Share based payments (Tables)
Share based payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
RSUs outstanding | |
Subscription rights | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of summary of other equity instruments outstanding and exercisable per plan | Outstanding Outstanding Exercisable per Granted Exercised Forfeited Expired per per Allocation Expiry Exercise January 1, during during during during December 31, December 31, Subscription right plan date date price (€) 2022 year year year year 2022 2022 2014 07/25/2014 07/24/2022 14.54 127,540 (127,540) — — 2015 04/30/2015 04/29/2023 28.75 199,223 (136,000) 63,223 63,223 2015 (B) 12/22/2015 12/21/2023 49.00 256,500 (15,000) 241,500 241,500 2015 RMV 12/22/2015 12/21/2023 49.00 35,000 35,000 35,000 2016 06-01-2016 05/31/2024 46.10 330,750 (4,250) (1,000) 325,500 325,500 2016 RMV 06-01-2016 05/31/2024 46.10 69,000 69,000 69,000 2016 (B) 01/20/2017 01/19/2025 62.50 10,000 10,000 10,000 2017 05/17/2017 05/16/2025 80.57 595,500 (5,500) 590,000 590,000 2017 RMV 05/17/2017 05/16/2025 80.57 127,500 127,500 127,500 2018 04/19/2018 04/18/2026 79.88 1,005,995 (31,000) 974,995 974,995 2018 RMV 04/19/2018 04/18/2026 79.88 137,500 137,500 137,500 2019 04-10-2019 04-09-2027 95.11 1,300,840 (83,850) 1,216,990 2019 RMV 04-10-2019 04-09-2027 95.11 190,500 (4,500) 186,000 2020 04/17/2020 04/16/2028 168.42 1,617,928 (159,684) 1,458,244 2020RMV 04/17/2020 04/16/2028 168.42 227,475 (18,400) 209,075 2021BE 04/30/2021 04/29/2029 64.76 1,084,036 (42,888) 1,041,148 2021RMV 04/30/2021 04/29/2029 64.76 282,550 (24,850) 257,700 2021ROW 04/30/2021 04/29/2029 64.76 982,000 (198,625) 783,375 2022 (A) 01/13/2022 01-12-2030 46.18 30,000 30,000 2022 (B) 01/26/2022 01/25/2030 50.00 1,000,000 1,000,000 2022BE 05-06-2022 05-05-2030 57.46 839,400 (7,858) 831,542 2022BE 08-05-2022 08-04-2030 51.58 72,000 72,000 2022RMV 05-06-2022 05-05-2030 57.46 244,389 244,389 2022ROW 05-06-2022 05-05-2030 57.46 875,450 (1,675) 873,775 2022ROW 08-05-2022 08-04-2030 51.58 60,000 (27,600) 32,400 Total 8,579,837 3,121,239 (282,790) (607,430) — 10,810,856 2,574,218 |
Schedule of summary of other equity instruments outstanding and exercisable | Outstanding Outstanding Exercisable per Granted Exercised Forfeited Expired per per Allocation Expiry Exercise January 1, during during during during December 31, December 31, Subscription right plan date date price (€) 2022 year year year year 2022 2022 2014 07/25/2014 07/24/2022 14.54 127,540 (127,540) — — 2015 04/30/2015 04/29/2023 28.75 199,223 (136,000) 63,223 63,223 2015 (B) 12/22/2015 12/21/2023 49.00 256,500 (15,000) 241,500 241,500 2015 RMV 12/22/2015 12/21/2023 49.00 35,000 35,000 35,000 2016 06-01-2016 05/31/2024 46.10 330,750 (4,250) (1,000) 325,500 325,500 2016 RMV 06-01-2016 05/31/2024 46.10 69,000 69,000 69,000 2016 (B) 01/20/2017 01/19/2025 62.50 10,000 10,000 10,000 2017 05/17/2017 05/16/2025 80.57 595,500 (5,500) 590,000 590,000 2017 RMV 05/17/2017 05/16/2025 80.57 127,500 127,500 127,500 2018 04/19/2018 04/18/2026 79.88 1,005,995 (31,000) 974,995 974,995 2018 RMV 04/19/2018 04/18/2026 79.88 137,500 137,500 137,500 2019 04-10-2019 04-09-2027 95.11 1,300,840 (83,850) 1,216,990 2019 RMV 04-10-2019 04-09-2027 95.11 190,500 (4,500) 186,000 2020 04/17/2020 04/16/2028 168.42 1,617,928 (159,684) 1,458,244 2020RMV 04/17/2020 04/16/2028 168.42 227,475 (18,400) 209,075 2021BE 04/30/2021 04/29/2029 64.76 1,084,036 (42,888) 1,041,148 2021RMV 04/30/2021 04/29/2029 64.76 282,550 (24,850) 257,700 2021ROW 04/30/2021 04/29/2029 64.76 982,000 (198,625) 783,375 2022 (A) 01/13/2022 01-12-2030 46.18 30,000 30,000 2022 (B) 01/26/2022 01/25/2030 50.00 1,000,000 1,000,000 2022BE 05-06-2022 05-05-2030 57.46 839,400 (7,858) 831,542 2022BE 08-05-2022 08-04-2030 51.58 72,000 72,000 2022RMV 05-06-2022 05-05-2030 57.46 244,389 244,389 2022ROW 05-06-2022 05-05-2030 57.46 875,450 (1,675) 873,775 2022ROW 08-05-2022 08-04-2030 51.58 60,000 (27,600) 32,400 Total 8,579,837 3,121,239 (282,790) (607,430) — 10,810,856 2,574,218 Weighted average exercise Subscription rights price (Euro) Outstanding on January 1, 2020 5,541,117 € 70.1 Exercisable on December 31, 2019 1,139,682 30.2 Granted during the period 2,173,335 168.4 Forfeited during the year (40,376) 144.8 Exercised during the period (744,965) 38.0 Expired during the year — — Outstanding on December 31, 2020 6,929,111 € 104.0 Exercisable on December 31, 2020 1,168,967 37.8 Granted during the period 2,493,433 64.8 Forfeited during the year (701,753) 118.5 Exercised during the period (140,954) 23.5 Expired during the year — — Outstanding on December 31, 2021 8,579,837 € 92.7 Exercisable on December 31, 2021 1,751,013 56.6 Granted during the period 3,121,239 54.7 Forfeited during the year (607,430) 100.0 Exercised during the period (282,790) 23.7 Expired during the year — — Outstanding on December 31, 2022 10,810,856 € 83.1 Exercisable on December 31, 2022 2,574,218 70.3 |
Schedule of inputs into the valuation of the other equity instruments | 2022 (A) 2022 (B) 2022BE 2022 RMV/ROW 2022BE/ROW January 13 January 26 May 6 May 6 August 6 Exercise Price (€) € 46.18 € 50.00 € 57.46 € 57.46 € 51.58 Weighted average share price at acceptance date (€) € 46.21 € 56.67 € 51.64 € 51.64 € 44.55 Weighted average fair value at the acceptance date (€) € 16.10 € 24.53 € 20.73 € 18.92 € 17.07 Weighted average estimated volatility (%) 41.80 40.80 42.59 42.65 41.75 Weighted average expected life of the subscription rights (years) 4.72 5.95 6.37 5.36 5.68 Weighted average risk free rate (%) (0.13) 0.67 1.33 1.26 2.70 Expected dividends None None None None None 2021 2021 RMV/ROW 2020 2020 RMV April 30 April 30 April 17 April 17 Exercise Price (€) € 64.76 € 64.76 € 168.42 € 168.42 Weighted average share price at acceptance date (€) € 61.10 € 61.10 € 178.95 € 178.95 Weighted average fair value at the acceptance date (€) € 22.72 € 20.68 € 86.45 € 85.79 Weighted average estimated volatility (%) 40.73 40.61 51.30 51.32 Weighted average expected life of the subscription rights (years) 6.43 5.36 6.00 6.00 Weighted average risk free rate (%) (0.21) (0.29) (0.44) (0.44) Expected dividends None None None None |
Schedule of summary of other equity instruments outstanding by category | December 31, 2022 2021 2020 (1) (in number of subscription rights) Members of the Board of Directors 75,000 157,560 157,560 Members of the Executive Committee 1,864,000 1,965,000 2,101,874 Personnel 8,871,856 6,457,277 4,669,677 Total subscription rights outstanding 10,810,856 8,579,837 6,929,111 (1) Piet Wigerinck was a member of the Executive Committee until November 30, 2021. Note that his outstanding subscription rights at December 31, 2020, were reported on the line ‘Members of the Executive Committee’ while at December 31, 2021 his outstanding subscription rights are presented on the line ‘Personnel’. |
Restricted Stock Units (RSUs) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of summary of other equity instruments outstanding and exercisable per plan | Outstanding Outstanding per Granted Forfeited Paid in cash per Offer January 1, during during during December 31, RSU plan date 2022 year year year 2022 Plan 2019.I. 10/16/2019 28,000 — (28,000) — Plan 2019.II. 10/16/2019 42,504 (9,090) (20,483) 12,931 Plan 2019.III. 10/16/2019 30,460 — (30,460) — Plan 2020.I. 06-05-2020 32,527 (7,359) (8,058) 17,110 Plan 2020.II. 07-05-2020 41,968 (10,831) (13,511) 17,626 Plan 2021.I. 05-05-2021 154,616 (27,146) (34,870) 92,600 Plan 2021.II. 05-06-2021 40,620 (9,478) (8,801) 22,341 Plan 2021.III. 06/03/2021 38,175 (9,233) (12,683) 16,259 Plan 2021.IV. 09/24/2021 248,933 (84,865) (62,230) 101,838 Plan 2022.I. 03-05-2022 209,118 (14,480) — 194,638 Plan 2022.II. 5/05/2022 - 5/08/2022 249,000 — — 249,000 Plan 2022.III. 07-06-2022 12,155 (403) — 11,752 Total 657,803 470,273 (172,885) (219,096) 736,095 |
Schedule of summary of other equity instruments outstanding by category | December 31, 2022 2021 2020 (in number of RSUs) Members of the Executive Committee 332,038 384,340 229,276 Personnel 404,057 273,463 84,320 Total outstanding RSUs 736,095 657,803 313,596 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related parties | |
Summary of outstanding balances | Year ended December 31, 2022 2021 2020 (Euro, in thousands) Non-current trade receivables € 50,000 Trade and other receivables € 7,877 € 88,246 132,825 Trade and other payables € 11,580 € 27,074 |
Summary of remuneration package of the members of key management personnel | Year ended December 31, 2022 2021 2020 Remuneration of key management personnel: Euro, in thousands (except for the number of subscription rights and RSUs) Short-term benefits € 3,444 € 4,264 € 3,102 Executive Committee members as a group (1) Gross salary 2,341 2,621 2,531 Cash bonus (2) 997 1,172 433 Other short-term benefits 106 471 138 Long-term benefits for Executive Committee members as a group (3) — — — Board fees and other short-term benefits for members of the Board of Directors Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) — — — Raj Parekh 165 220 220 Howard Rowe (4) 39 120 125 Katrine Bosley (4) 21 65 115 Mary Kerr 115 115 115 Peter Guenter 115 115 115 Jérôme Contamine (5) 102 — — Dan Baker (5) 68 — — Elizabeth Svanberg 115 115 78 Daniel O'Day (6) — — — Linda Higgins (6) — — — Post-employment benefits (7) 240 399 392 Total benefits excluding subscription rights and RSUs € 4,424 € 5,413 € 4,262 Severance package (8) — 802 — Number of subscription rights granted in the year Executive Committee members as a group (1) 1,124,000 275,000 275,000 Onno van de Stolpe — 85,000 85,000 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 1,000,000 — — Bart Filius 68,000 50,000 50,000 Andre Hoekema — 30,000 30,000 Piet Wigerinck — 40,000 40,000 Walid Abi-Saab 32,000 40,000 40,000 Michele Manto 24,000 30,000 30,000 Total number of subscription rights granted in the year 1,124,000 275,000 275,000 Total cost of subscription rights granted in the year under IFRS 2 € 27,010 € 5,629 € 22,921 Number of RSUs granted in the year (9) Onno van de Stolpe — 63,830 18,317 Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) 74,408 — — Bart Filius 61,442 62,730 12,600 Andre Hoekema — 51,433 832 Piet Wigerinck — 835 12,080 Walid Abi-Saab 37,274 44,038 12,080 Michele Manto 27,354 31,694 5,920 Total number of RSUs granted in the year 200,478 254,560 61,829 (1) Dr. Wigerinck was a member of the Executive Committee (formerly Management Board) until November 30, 2021. His remuneration and benefits are included in the overview for the financial year 2021 and 2020. (2) The aggregate number under the financial year 2022 also includes the cash bonus of Dr. Andre Hoekema and Dr. Walid Abi-Saab. The aggregate number under 2021 also includes the cash bonus of Dr. Wigerinck. (3) Only Executive Committee members are granted long-term benefits. Pursuant to the Senior Management Bonus Scheme, these consist ot the deferred part of the bonus from 3 years ago. For financial year 2021 the deferred part of the bonus is not paid out. As of 2019 the Senior Management Bonus Scheme was no longer applicable, as a result 2021 was the last financial year during which such payment could occur. (4) Member of the Board of Directors until April 26, 2022. (5) Member of the Board of Directors as of April 26, 2022. (6) Gilead designees appointed to our Board of Directors on October 22, 2019. They don’t receive any remuneration for their Board mandate. (7) Only Executive Committee members receive post-employment benefits. (8) For 2021 we disclose Dr. Wigerinck's severance package. (9) This is the sum of the RSUs awarded during the respective financial year, excluding the RSUs representing the deferred portion of the bonus for 2021 in FY2021 and for 2022 in FY2022 (each time to be granted in the following financial year). Only Executive Committee members were awarded RSUs. |
Consolidated companies as of _2
Consolidated companies as of December 31, 2022 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated companies as of December 31, 2022 | |
Disclosure of voting rights in consolidated companies | Year ended December 31, 2022 2021 2020 Name of the subsidiary Country % voting right Galapagos NV (directly or indirectly through subsidiaries) Change in % voting right previous period (2022 vs 2021) % voting right Galapagos NV (directly or indirectly through subsidiaries) % voting right Galapagos NV (directly or indirectly through subsidiaries) AboundBio, Inc. United States 100% 100% 0% 0% CellPoint B.V. The Netherlands 100% 100% 0% 0% Galapagos Biopharma Belgium BV Belgium 100% 100% 100% Galapagos Biopharma Netherlands B.V. The Netherlands 100% 100% 100% Galapagos Biopharma Spain S.L.U. Spain 100% 100% 100% Galapagos Biopharma Italy S.r.l. Italy 100% 100% 100% Galapagos Biopharma Germany GmbH Germany 100% 100% 100% Galapagos Biopharma Sweden AB Sweden 100% 100% 0% Galapagos Biopharma Norway AS Norway 100% 100% 0% Galapagos Biopharma Finland Oy Finland 100% 100% 0% Galapagos Biopharma Denmark ApS Denmark 100% 100% 0% Galapagos Biopharma Austria GmbH Austria 100% 100% 0% Galapagos Biopharma Ireland Ltd Ireland 100% 100% 0% Galapagos B.V. The Netherlands 100% 100% 100% Galapagos Biotech Ltd (formerly Inpharmatica Ltd.) United Kingdom 100% 100% 100% Galapagos GmbH Switzerland 100% 100% 100% Galapagos, Inc. (formerly Biofocus, Inc.) United States 100% 100% 100% Galapagos NV Belgium Parent company Parent company Parent company Galapagos Real Estate Belgium BV (former Galapagos Real Estate 1 BV) Belgium 100% 100% 100% Galapagos Real Estate Netherlands B.V. The Netherlands 100% 100% 100% Galapagos SASU France 100% 100% 100% Fidelta d.o.o. Croatia 0% 0% 100% Xenometrix, Inc. in liquidation United States 100% 100% 100% |
Financial risk management (Tabl
Financial risk management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial risk management | |
Disclosure of categories of material financial assets and liabilities | December 31, 2022 2021 2020 (Euro, in thousands) Financial assets held at fair value through profit or loss Equity instruments € — € — € 8,951 Current financial investments 1,292,514 1,317,460 1,571,858 Financial assets at amortized cost Current financial investments 2,293,431 1,152,349 1,454,420 Cash and cash equivalents 508,117 2,233,368 2,135,187 Restricted cash (current and non-current) 4,569 1,425 1,482 Other non-current assets 1,209 1,048 907 Trade receivables 28,194 91,786 184,632 Total financial assets € 4,128,033 € 4,797,436 € 5,357,438 Financial liabilities held at fair value through profit or loss Current financial instruments € 19 € 204 € 3,164 Current contingent consideration related to milestones CellPoint 8,485 — — Non-current contingent consideration related to milestones CellPoint 13,582 — — Financial liabilities at amortized cost Trade liabilities 68,928 84,519 134,905 Lease liabilities 21,901 26,859 29,436 Current deferred consideration payable CellPoint 6,222 — — Total financial liabilities € 119,137 € 111,582 € 167,505 |
Disclosure of aging balance of receivables | December 31, 2022 2021 2020 (Euro, in thousands) 60 - 90 days € 424 € 141 € — 90 - 120 days 208 92 — more than 120 days € 473 € 113 € — |
Foreign exchange risk | |
Financial risk management | |
Disclosure of sensitivity of exchange rate risk | December 31, 2022 2021 2020 Net book value (Euro, in thousands) Increase in Euros - U.S. Dollars € (85,140) € (83,996) € (116,690) Increase in Euros - GB Pounds 960 1,093 303 Increase in Euros - CH Francs 557 233 2,013 |
General information (Details)
General information (Details) € in Thousands | 12 Months Ended | |||
Jan. 04, 2021 EUR (€) | Dec. 31, 2022 employee segment | Dec. 31, 2020 employee segment | Dec. 31, 2021 employee | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Number of employees related to continuing operations | employee | 1,338 | 1,304 | 1,309 | |
Number of reportable segments | segment | 1 | 2 | ||
Fidelta d.o.o. (fee-for-service segment) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Total consideration | € | € (37,080) | |||
Fidelta d.o.o. (fee-for-service segment) | Fee-for-service business (held for sale) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Number of employees | employee | 185 | |||
Total consideration | € | € (37,100) |
Summary of significant transa_2
Summary of significant transaction (Details) € / shares in Units, € in Thousands, $ in Millions | 12 Months Ended | |||||||||||||||
Dec. 31, 2022 EUR (€) | Nov. 06, 2019 EUR (€) | Oct. 22, 2019 item € / shares | Aug. 23, 2019 EUR (€) | Aug. 23, 2019 USD ($) | Jul. 17, 2019 | Jul. 14, 2019 USD ($) | Jul. 14, 2019 € / shares | Jul. 13, 2019 | Dec. 31, 2022 EUR (€) € / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) € / shares | Dec. 31, 2020 EUR (€) € / shares | Dec. 31, 2022 USD ($) | Jun. 21, 2022 | Aug. 23, 2019 USD ($) | |
Summary of significant transaction | ||||||||||||||||
Global research and development collaboration term | 10 years | |||||||||||||||
Upfront payment received | € 3,569,800 | $ 3,950 | ||||||||||||||
Equity investment received | € 960,100 | $ 1,100 | ||||||||||||||
Additional equity investment from warrant exercise | € 6,695 | € 3,314 | € 28,287 | |||||||||||||
Option rights period | 10 years | |||||||||||||||
Extension option rights period | 3 years | |||||||||||||||
Opt-in payments to be received for each program | $ | $ 150 | |||||||||||||||
Average exercise price warrants | € / shares | € 23.7 | € 23.5 | € 38 | |||||||||||||
Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Development and regulatory milestones | $ | 275 | |||||||||||||||
Sales based milestone payment | $ | 600 | |||||||||||||||
Proceeds from milestone payments | $ | $ 20 | |||||||||||||||
United States | GLPG 1972 License | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Milestone fee on election of option to license | $ | $ 250 | |||||||||||||||
Gilead | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Number of directors represented as board members | item | 2 | |||||||||||||||
Share price | € / shares | € 140.59 | |||||||||||||||
Premium | 20% | |||||||||||||||
Volume of days | 30 days | |||||||||||||||
Percentage of stake | 25.10% | 22.04% | 12.30% | 25.38% | 25.38% | |||||||||||
Restricting Gilead's ability to seek to acquire | 10 years | |||||||||||||||
Maximum share holding percentage | 29.90% | |||||||||||||||
Gilead | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Upfront payments received related party transaction | € 110,000 | |||||||||||||||
Cost Share For Global Development Activities | 50% | 50% | 50% | |||||||||||||
Amount receivable in relation to the collaboration | € 160,000 | |||||||||||||||
Amounts Receivable Related Party Transactions Year Two | € 50,000 | € 50,000 | ||||||||||||||
Gilead | Filgotinib drug license | Original Agreement | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Cost Share For Global Development Activities | 25% | 25% | ||||||||||||||
Future global development cost sharing ratio before predetermined level | 25% | |||||||||||||||
Gilead | Filgotinib drug license | Group B activities [Member] | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Cost Share For Global Development Activities | 50% | 50% | 50% | |||||||||||||
Minimum | Outside Europe | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Tiered royalty Percentage deduction | 20% | |||||||||||||||
Minimum | Outside Europe | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Tiered royalty Percentage deduction | 20% | |||||||||||||||
Minimum | Gilead | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
EGM Conducted period | 57 months | |||||||||||||||
Minimum | Gilead | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Future global development cost sharing ratio before predetermined level | 50% | 50% | ||||||||||||||
Minimum | Gilead | Europe | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Percentage of future net sales from 2024, royalties as percentage of sales | 8 | 8 | 8 | |||||||||||||
Maximum | Outside Europe | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Tiered royalty Percentage deduction | 24% | |||||||||||||||
Maximum | Outside Europe | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Tiered royalty Percentage deduction | 30% | |||||||||||||||
Maximum | Gilead | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Percentage of stake | 29.90% | |||||||||||||||
EGM Conducted period | 59 months | |||||||||||||||
Maximum | Gilead | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Future global development cost sharing ratio before predetermined level | 100% | 100% | ||||||||||||||
Maximum | Gilead | Europe | Filgotinib drug license | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Percentage of future net sales from 2024, royalties as percentage of sales | 15 | 15 | 15 | |||||||||||||
Warrant A [member] | Gilead | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Additional equity investment from warrant exercise | € 368,000 | |||||||||||||||
Warrant B | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Decrease in value of warrant driven by decrease of share price and implied volatility | € 700 | |||||||||||||||
Value of Warrant | € 700 | |||||||||||||||
Multiplier used to calculate exercise price per share | 120% | |||||||||||||||
Initial term of the warrant | 5 years | |||||||||||||||
Average exercise price warrants | € / shares | € 140.59 | |||||||||||||||
Volume of days | 30 days | |||||||||||||||
Cell Point Acquisition | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Shares and voting interest (as a percent) | 100% | |||||||||||||||
DIVERSITY clinical study | ||||||||||||||||
Summary of significant transaction | ||||||||||||||||
Amount receivable in relation to the collaboration | $ | $ 15 |
Significant accounting polici_3
Significant accounting policies - Intangible Assets (Details) - Software and databases | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 3 years |
Maximum | |
Disclosure of detailed information about intangible assets | |
Useful lives | 5 years |
Significant accounting polici_4
Significant accounting policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | Installation and machinery | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 3 years |
Minimum | Furniture, fixtures & vehicles | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 4 years |
Minimum | Leasehold | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 3 years |
Maximum | Installation and machinery | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 15 years |
Maximum | Furniture, fixtures & vehicles | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 10 years |
Maximum | Leasehold | |
Disclosure of detailed information about property, plant and equipment | |
Useful lives | 10 years |
Significant accounting polici_5
Significant accounting policies - Segment Reporting (Details) - segment | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant accounting policies | |||
Operating and reportable segment | 1 | 1 | |
Number of reportable segments | 1 | 2 |
Critical accounting judgments_2
Critical accounting judgments and key sources of estimation uncertainty - IFRS 15 - Revenue recognition Gilead (Details) - EUR (€) € in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Jun. 21, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Critical accounting estimates and judgments | |||||
Deferred income | € 1,989,230 | € 2,364,701 | € 2,809,133 | € 3,000,646 | |
Goodwill | 69,813 | € 69,813 | |||
Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Deferred income | 456,400 | ||||
Gilead [member] | |||||
Critical accounting estimates and judgments | |||||
Deferred income | 4,339,347 | 4,308,669 | 4,286,852 | ||
Gilead [member] | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Deferred income | 456,352 | € 604,875 | € 818,654 | € 780,261 | |
Upfront payments and milestone payments [Member] | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Revenue recognized | € 174,400 | ||||
Scenario | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | 5% | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € (15,400) | ||||
Scenario 2 | Collaboration agreement for filgotinib | |||||
Critical accounting estimates and judgments | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | (5.00%) | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € 16,000 |
Segment information - Geographi
Segment information - Geographical information (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) segment | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) segment | |
Disclosure of operating segments [line items] | |||
Number of reportable segments | segment | 1 | 2 | |
Product net sales | € 87,599 | € 14,753 | € 2 |
Collaboration revenues | 417,681 | 470,093 | € 478,051 |
Jyseleca | |||
Disclosure of operating segments [line items] | |||
Product net sales | € 87,600 | € 14,800 | |
Gilead [member] | |||
Disclosure of operating segments [line items] | |||
Percentage of collaboration revenue over total revenue | 82% | 97% | 99% |
Belgium | Jyseleca | |||
Disclosure of operating segments [line items] | |||
Product net sales | € 7,300 | € 1,700 | |
United States of America | |||
Disclosure of operating segments [line items] | |||
Collaboration revenues | 414,129 | 467,978 | € 472,445 |
Europe | |||
Disclosure of operating segments [line items] | |||
Collaboration revenues | 3,552 | 2,114 | € 5,605 |
Europe | Jyseleca | |||
Disclosure of operating segments [line items] | |||
Product net sales | € 87,600 | € 14,800 |
Segment information - Major cus
Segment information - Major customers (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Disclosure of major customers [line items] | |||
Collaboration revenues | € 417,681 | € 470,093 | € 478,051 |
Revenues by major customers | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 415,637 | € 470,049 | € 477,978 |
Percentage of entity's collaboration revenue | 100 | 100 | 100 |
United States of America | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 414,129 | € 467,978 | € 472,445 |
United States of America | Gilead | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 414,129 | € 467,978 | € 472,445 |
Percentage of entity's collaboration revenue | 100 | 100 | 99 |
Europe | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 3,552 | € 2,114 | € 5,605 |
Europe | Gilead | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 1,452 | € 2,071 | € 1,460 |
Percentage of entity's collaboration revenue | 0 | 0 | 0 |
Europe | AbbVie [member] | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € (52) | ||
Percentage of entity's collaboration revenue | 0 | 0 | 0 |
Europe | Novartis | |||
Disclosure of major customers [line items] | |||
Collaboration revenues | € 56 | € 4,125 | |
Percentage of entity's collaboration revenue | 0 | 0 | 1 |
Segment information - Non-curre
Segment information - Non-current assets by location (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of geographical areas [line items] | |||
Non-current assets | € 497,501 | € 331,306 | € 348,384 |
Property, Plant and Equipment and Intangible Assets | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 370,420 | 197,615 | 170,943 |
Property, Plant and Equipment and Intangible Assets | Belgium | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 72,087 | 98,295 | 113,524 |
Property, Plant and Equipment and Intangible Assets | France | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 20,397 | 21,051 | 18,398 |
Property, Plant and Equipment and Intangible Assets | The Netherlands | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 255,461 | 66,621 | 28,210 |
Property, Plant and Equipment and Intangible Assets | Switzerland | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 4,962 | 7,181 | 7,668 |
Property, Plant and Equipment and Intangible Assets | Spain | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 3,037 | 3,029 | 2,755 |
Property, Plant and Equipment and Intangible Assets | United States of America | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | 12,729 | 136 | 372 |
Property, Plant and Equipment and Intangible Assets | Other Countries | |||
Disclosure of geographical areas [line items] | |||
Non-current assets | € 1,747 | € 1,302 | € 16 |
Total revenues - Disaggregation
Total revenues - Disaggregation of revenues (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from sale of goods | € 87,599 | € 14,753 | € 2 |
Service cost of sales | 12,079 | 1,629 | |
Total collaboration revenues | 417,681 | 470,093 | 478,051 |
Revenue recognized | 505,280 | 484,846 | € 478,053 |
Jyseleca | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from sale of goods | 87,600 | 14,800 | |
Service cost of sales | € 12,100 | € 1,600 |
Total revenues - Revenue by col
Total revenues - Revenue by collaboration and by category of revenue (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total net revenues | € 505,280 | € 484,846 | € 478,053 |
Product net sales | 87,599 | 14,753 | 2 |
Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 194,363 | ||
Royalties | 19,984 | ||
Collaboration revenues | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 370,078 | 433,884 | 411,417 |
Milestone payments | 36,777 | 32,408 | 46,261 |
Reimbursement income | 56 | 4,073 | |
Royalties | 10,770 | 3,801 | 16,300 |
Collaboration revenues | Other segments | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 44 | 43 | 72 |
Collaboration revenues | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 10,726 | 3,757 | 16,227 |
Collaboration agreement for filgotinib | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 139,655 | 203,301 | 181,816 |
Milestone payments | 34,777 | 32,408 | 46,261 |
Collaboration agreement for Jyseleca | Sobi | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 2,000 | ||
Collaboration agreement for CF | AbbVie | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Reimbursement income | (52) | ||
Gilead collaboration agreement for drug discovery platform | Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Recognition of non-refundable upfront payments and license fees | 230,423 | € 230,582 | 229,601 |
Collaboration agreement for MOR106 | Novartis | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Reimbursement income | € 56 | € 4,125 |
Total revenues - Allocation of
Total revenues - Allocation of transaction price (Details) € in Thousands, $ in Millions | 12 Months Ended | |||||||||
Jul. 14, 2019 | Dec. 31, 2022 EUR (€) item | Dec. 31, 2022 USD ($) item | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Sep. 06, 2021 EUR (€) | Sep. 06, 2021 USD ($) | Dec. 15, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | Jul. 19, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cumulative deferred income | € 1,989,230 | € 2,364,701 | € 2,809,133 | € 3,000,646 | ||||||
Global research and development collaboration term | 10 years | |||||||||
Period over which to recognize the drug discovery platform revenue | 10 years | 10 years | ||||||||
Maximum extension period for specific program | 3 years | 3 years | ||||||||
Subsequent warrant B | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cumulative deferred income | € 700 | 2,400 | ||||||||
Collaboration agreement for filgotinib | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cumulative deferred income | € 456,400 | |||||||||
Filgotinib additional consideration | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Number of performance obligations exceeding one year | item | 1 | 1 | ||||||||
Other Movements In 2021 [Member] | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Royalties | 3,757 | |||||||||
Total transaction price, movements | 3,757 | |||||||||
Cumulative deferred income | 9,174 | |||||||||
Other Movements In 2021 [Member] | Subsequent warrant B | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Less : Warrants issuance liabilities | 5,417 | |||||||||
Other Movements In 2022 Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Milestones achieved | € 18,238 | |||||||||
Royalties | 10,726 | |||||||||
Total transaction price, movements | 28,964 | |||||||||
Cumulative deferred income | 30,678 | |||||||||
Other Movements In 2022 Member | Subsequent warrant B | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Less : Warrants issuance liabilities | 1,714 | |||||||||
Filgotinib Amendment December2021 Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Upfront consideration | € 12,643 | |||||||||
Allocation to performance obligations | 12,643 | |||||||||
Cumulative deferred income | 12,643 | |||||||||
Gilead [member] | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Upfront consideration | 4,018,016 | 4,018,016 | 4,005,373 | |||||||
Milestones achieved, balance | 212,601 | 194,363 | ||||||||
Milestones achieved | 194,363 | |||||||||
Royalties | 19,984 | |||||||||
Royalties, balance | 30,710 | 16,227 | ||||||||
Impact initial valuation of share subscription | 124,604 | 124,604 | 124,604 | |||||||
Total transaction price, movements | 4,356,967 | |||||||||
Allocation to performance obligations | 4,385,931 | 4,340,567 | ||||||||
Cumulative deferred income | 4,339,347 | 4,308,669 | 4,286,852 | |||||||
Gilead [member] | Warrant A | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Less : Warrants issuance liabilities | (43,311) | (43,311) | (43,311) | |||||||
Gilead [member] | Initial Warrant B | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Less : Warrants issuance liabilities | (2,545) | (2,545) | (2,545) | |||||||
Gilead [member] | Subsequent warrant B | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Less : Warrants issuance liabilities | (728) | (2,442) | (7,859) | |||||||
Gilead [member] | Collaboration agreement for filgotinib | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Milestones achieved | 34,777 | 32,408 | 46,261 | |||||||
Cumulative deferred income | 456,352 | 604,875 | 818,654 | 780,261 | ||||||
Gilead [member] | Collaboration agreement for drug discovery platform | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Allocation to performance obligations | 2,300,203 | 2,298,489 | 2,293,072 | |||||||
Gilead [member] | Filgotinib Amendment December152020 Member | Filgotinib additional consideration | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Royalties | 10,700 | 16,200 | ||||||||
Gilead [member] | Other Movements In 2021 [Member] | Collaboration agreement for drug discovery platform | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Total transaction price, movements | 5,417 | |||||||||
Gilead [member] | Other Movements In 2022 Member | Collaboration agreement for drug discovery platform | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Total transaction price, movements | 1,714 | |||||||||
Gilead [member] | Filgotinib Amendment December2021 Member | Filgotinib additional consideration | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Royalties | 3,800 | |||||||||
Gilead [member] | Filgotinib Performance Obligation Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Allocation to performance obligations | 1,372,178 | 1,343,214 | 1,326,814 | |||||||
Estimated significant financing component | 58,700 | 57,300 | 55,300 | € 44,500 | ||||||
Gilead [member] | Filgotinib Performance Obligation Member | Japan | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Milestones achieved | 18,200 | $ 20 | ||||||||
Royalties | 10,700 | |||||||||
Gilead [member] | Filgotinib Performance Obligation Member | Filgotinib additional consideration | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Allocation to performance obligations | $ 15 | € 160,000 | ||||||||
Gilead [member] | Filgotinib Performance Obligation Member | Other Movements In 2021 [Member] | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Total transaction price, movements | 3,757 | |||||||||
Gilead [member] | Filgotinib Performance Obligation Member | Other Movements In 2022 Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Total transaction price, movements | 28,964 | |||||||||
Gilead [member] | Filgotinib Performance Obligation Member | Filgotinib Amendment December2021 Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Allocation to performance obligations | € 12,643 | |||||||||
Gilead [member] | Gilead collaboration agreement for ziritaxestat | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Allocation to performance obligations | € 666,967 | € 666,967 | € 666,967 | |||||||
Original Agreement | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cost share mechanism | 20% | |||||||||
Minimum | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cost share mechanism | 50% | |||||||||
Maximum | Gilead [member] | Filgotinib Performance Obligation Member | ||||||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||||||
Cost share mechanism | 100% |
Total revenues - Schedule of th
Total revenues - Schedule of the revenue recognition of upfront payments, license fees and milestone payments and the impact of the adoption of IFRS 15 (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total collaboration revenues | € 417,681 | € 470,093 | € 478,051 |
Gilead [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 194,363 | ||
Royalties | 19,984 | ||
Gilead [member] | Collaboration agreement for filgotinib | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Milestone payments | 34,777 | 32,408 | 46,261 |
Gilead [member] | Filgotinib Amendment December152020 Member | Filgotinib additional consideration | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | 10,700 | 16,200 | |
Gilead [member] | Filgotinib Amendment December2021 Member | Filgotinib additional consideration | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Royalties | € 3,800 | ||
Novartis | Collaboration agreement for MOR106 | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Reimbursement income | € 56 | € 4,125 |
Operating costs and other ope_3
Operating costs and other operating income - Summary of research and development expenditure (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | |||
Personnel costs | € (190,085) | € (165,239) | € (161,509) |
Subcontracting | (214,906) | (251,085) | (301,841) |
Disposables and lab fees and premise costs | (21,356) | (24,025) | (22,349) |
Depreciation | (54,462) | (17,518) | (11,707) |
Professional fees | (15,167) | (15,862) | (12,692) |
Other operating expenses | (19,107) | (17,978) | (13,570) |
Total R&D expenses | € (515,083) | € (491,707) | € (523,667) |
Operating costs and other ope_4
Operating costs and other operating income - Summary of R&D expenditure by program (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating costs | |||
Total R&D expenditure | € (515,083) | € (491,707) | € (523,667) |
Filgotinib program | |||
Operating costs | |||
Total R&D expenditure | (245,286) | (171,204) | (126,879) |
Ziritaxestat program | |||
Operating costs | |||
Total R&D expenditure | (1,096) | (26,725) | (55,902) |
SIKi program | |||
Operating costs | |||
Total R&D expenditure | (47,727) | (91,957) | (87,107) |
TYK2 program on GLPG3667 | |||
Operating costs | |||
Total R&D expenditure | (24,467) | (27,141) | (20,199) |
CAR-T programs in oncology | |||
Operating costs | |||
Total R&D expenditure | (29,999) | ||
Other programs | |||
Operating costs | |||
Total R&D expenditure | € (166,507) | € (174,680) | € (233,580) |
Operating costs and other ope_5
Operating costs and other operating income - Summary of sales and marketing expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | |||
Personnel costs | € (71,878) | € (59,102) | € (31,727) |
Depreciation | (2,473) | (504) | (140) |
External outsourcing costs | (54,057) | (62,321) | (31,885) |
Sales and marketing expenses recharged to Gilead | 31 | 59,699 | 4,711 |
Professional fees | (4,222) | (532) | (3,420) |
Other operating expenses | (14,956) | (7,196) | (4,007) |
Total sales and marketing expenses | € (147,555) | € (69,956) | € (66,468) |
Operating costs and other ope_6
Operating costs and other operating income - Summary of general and administrative expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | |||
Personnel costs | € (85,034) | € (71,190) | € (70,110) |
Depreciation | (8,631) | (16,621) | (5,147) |
Legal and professional fees | (24,368) | (26,072) | (25,592) |
Other operating expenses | (26,898) | (27,016) | (17,908) |
Total general and administrative expenses | € (144,931) | € (140,899) | € (118,757) |
Operating costs and other ope_7
Operating costs and other operating income - Other Income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | |||
Grant income | € 1,873 | € 7,334 | € 5,452 |
Other income from mainly R&D incentives | 38,527 | 44,888 | 45,951 |
Other income | 6,448 | 1,526 | 804 |
Total other income | € 46,848 | € 53,749 | € 52,207 |
Staff costs (Details)
Staff costs (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Staff costs | |||
Wages and salaries | € (197,013) | € (175,167) | € (139,681) |
Social security costs | (32,543) | (29,934) | (26,471) |
Pension costs | (10,881) | (8,467) | (7,337) |
Costs related to subscription right plans | (88,493) | (70,726) | (79,959) |
Other personnel costs | (18,067) | (11,237) | (9,897) |
Total personnel costs | € (346,997) | € (295,531) | € (263,345) |
Financial result (Details)
Financial result (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financial result | |||
Net currency exchange gain/loss (-) | € 44,359 | € 56,492 | € (105,718) |
Fair value re-measurement of warrants | 186 | 2,960 | 3,034 |
Fair value gain/loss (-) on financial assets held at fair value through profit or loss | (4,919) | 2,397 | |
Fair value gain/loss (-) on current financial investments | 6,929 | 6,763 | (15,901) |
Total fair value adjustments and net currency exchange differences | 51,473 | 61,296 | (116,188) |
Other financial income: | |||
Interest on bank deposit | 18,110 | 2,865 | 10,030 |
Discounting effect of non-current R&D incentives receivables | 93 | 93 | 93 |
Other finance income | 376 | 100 | 1,450 |
Total other financial income | 18,578 | 3,058 | 11,573 |
Other financial expenses: | |||
Interest expenses | (6,967) | (11,656) | (9,389) |
Discounting effect of non-current deferred income | (7,672) | (9,289) | (16,278) |
Discounting effect of other non-current liabilities | (2,271) | ||
Loss upon sale of financial assets held at fair value through profit or loss | (88) | ||
Other finance charges | (769) | (812) | (773) |
Total other financial expense | (17,679) | (21,757) | (26,528) |
Total other net financial expense (-)/ income | € 52,372 | € 42,598 | € (131,143) |
Income Taxes - Summary of incom
Income Taxes - Summary of income tax recognized (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Current tax | € (4,071) | € (2,020) | € (1,069) |
Deferred tax | 1,227 | (404) | (157) |
Total taxes | € (2,844) | € (2,423) | € (1,226) |
Income Taxes - Schedule of tax
Income Taxes - Schedule of tax liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | |||
Current tax payable | € 1,022 | € 1,782 | € 1,248 |
Total tax liabilities | € 1,022 | € 1,782 | € 1,248 |
Income Taxes - Summary of inc_2
Income Taxes - Summary of income tax reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Loss before tax | € (215,147) | € (122,999) | € (309,775) |
Income tax debit / credit (-), calculated using the Belgian statutory tax rate on the accounting income / loss (-) before tax (theoretical) | (53,787) | (30,750) | (77,444) |
Tax expenses / income (-) in statement of operations (effective) | 2,844 | 2,423 | 1,226 |
Difference in tax expense / income to explain | 56,631 | 33,173 | 78,670 |
Effect of tax rates in other jurisdictions | (337) | (582) | 184 |
Effect of non taxable revenues | (7,642) | (9,413) | (10,196) |
Effect of share based payment expenses without tax impact | 22,127 | 17,682 | 19,990 |
Effect of expenses/income (-) not subject to tax | (146) | (907) | (639) |
Effect of non tax deductible expenses | 3,224 | 3,812 | 1,053 |
Effect of recognition of previously non recognized deferred tax assets | (1,677) | (1,411) | (475) |
Effect of tax losses (utilized) reversed | (404) | (150) | |
Effect of under or over provisions in prior periods | 1,101 | (840) | (25) |
Effect of non recognition of deferred tax assets | 38,104 | 25,613 | 69,141 |
Effect of derecognition of previously recognized deferred tax assets | 1,877 | 135 | 157 |
Effect of use of investment deduction | (512) | (370) | |
Total explanations | € 56,631 | € 33,173 | € 78,670 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Belgium | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Applicable tax rate | 25% | 25% | 25% |
Income_loss (-) per share (Deta
Income/loss (-) per share (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income/loss (-) per share: Basic | |||
Net income/loss (-) attributable to owners of the parent (Euro, in thousands) | € (217,991) | € (103,231) | € (305,436) |
Weighted average number of shares for the purpose of income/loss (-) per share | 65,699 | 65,500 | 65,075 |
Basic loss per share | € (3.32) | € (1.58) | € (4.69) |
Income/loss per share: Diluted | |||
Net income/loss (-) attributable to owners of the parent (Euro, in thousands) | € (217,991) | € (103,231) | € (305,436) |
Weighted average number of shares for the purpose of income/loss (-) per share | 65,699 | 65,500 | 65,075 |
Diluted loss per share | € (3.32) | € (1.58) | € (4.69) |
Goodwill and impairment of go_3
Goodwill and impairment of goodwill - Roll-forward (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 21, 2022 | Dec. 31, 2022 | |
Goodwill and impairment of goodwill | ||
Recognized on acquisition of subsidiaries | € 69,893 | |
Exchange differences on goodwill | (80) | |
Goodwill at end of period | € 69,813 | € 69,813 |
Goodwill and impairment of go_4
Goodwill and impairment of goodwill (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Jun. 21, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 69,813,000 | € 69,813,000 |
Period of projected cash flow | 13 years | |
Terminal growth rate | (50.00%) | |
Discount rate | 12.50% | |
Goodwill impairment | € 0 | |
Cell Point Acquisition | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | 62,400,000 | 62,444,000 |
AboundBio | ||
Disclosure of detailed information about intangible assets [line items] | ||
Goodwill | € 7,400,000 | € 7,369,000 |
Intangible assets other than _3
Intangible assets other than goodwill (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | € 60,103 | € 67,565 | |
Ending balance | 146,354 | 60,103 | € 67,565 |
Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 79,868 | 83,534 | 35,099 |
Impact of acquisitions of businesses | 124,570 | ||
Additions | 9,549 | 3,673 | 48,793 |
Sales and disposals | (37,211) | (7,396) | (17) |
Reclassifications to assets held for sale | (197) | ||
Translation differences | (36) | 57 | (144) |
Ending balance | 176,740 | 79,868 | 83,534 |
Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 19,765 | 15,968 | 10,173 |
Amortization | 12,171 | 7,120 | 6,130 |
Impairment | 35,666 | 4,016 | |
Sales and disposals | (37,211) | (7,396) | (17) |
Reclassifications to assets held for sale | (176) | ||
Translation differences | (4) | 57 | (142) |
Ending balance | 30,387 | 19,765 | 15,968 |
Software and databases | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 12,577 | 13,683 | |
Ending balance | 9,736 | 12,577 | 13,683 |
Software and databases | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 24,554 | 23,717 | 14,541 |
Additions | 1,126 | 2,423 | 9,494 |
Sales and disposals | (913) | (1,643) | (17) |
Reclassifications to assets held for sale | (159) | ||
Translation differences | 57 | (143) | |
Ending balance | 24,767 | 24,554 | 23,717 |
Software and databases | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 11,977 | 10,034 | 8,034 |
Amortization | 3,967 | 3,529 | 2,303 |
Sales and disposals | (913) | (1,643) | (17) |
Reclassifications to assets held for sale | (143) | ||
Translation differences | 57 | (142) | |
Ending balance | 15,031 | 11,977 | 10,034 |
Licenses, rights, technology and in process R&D | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 35,730 | 40,549 | |
Ending balance | 126,359 | 35,730 | 40,549 |
Licenses, rights, technology and in process R&D | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 39,929 | 44,432 | 5,172 |
Impact of acquisitions of businesses | 124,570 | ||
Additions | 8,423 | 1,250 | 39,299 |
Sales and disposals | (36,298) | (5,753) | |
Reclassifications to assets held for sale | (38) | ||
Translation differences | (36) | (1) | |
Ending balance | 136,588 | 39,929 | 44,432 |
Licenses, rights, technology and in process R&D | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 4,199 | 3,883 | 1,626 |
Amortization | 6,666 | 2,053 | 2,289 |
Impairment | 35,666 | 4,016 | |
Sales and disposals | (36,298) | (5,753) | |
Reclassifications to assets held for sale | (33) | ||
Translation differences | (4) | ||
Ending balance | 10,229 | 4,199 | 3,883 |
Intangible assets related discontinued project, Molecure | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 26,700 | ||
Intangible assets related discontinued project, others | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment | 8,900 | ||
Contract costs | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 11,796 | 13,334 | |
Ending balance | 10,258 | 11,796 | 13,334 |
Contract costs | Acquisition value | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 15,384 | 15,384 | 15,384 |
Ending balance | 15,384 | 15,384 | 15,384 |
Contract costs | Amortization and impairment | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 3,588 | 2,050 | 512 |
Amortization | 1,538 | 1,538 | 1,538 |
Ending balance | € 5,126 | € 3,588 | € 2,050 |
Property, plant and equipment -
Property, plant and equipment - Fully Owned (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 105,718 | € 68,264 | |
Ending balance | 126,726 | 105,718 | € 68,264 |
Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 140,555 | 98,972 | 71,823 |
Impact of acquisitions of businesses | 2,254 | ||
Additions | 29,336 | 52,839 | 38,664 |
Sales and disposals | (4,790) | (11,494) | (1,228) |
Reclassifications to assets held for sale | (10,110) | ||
Translation differences | 233 | 238 | (178) |
Ending balance | 167,588 | 140,555 | 98,972 |
Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 34,837 | 30,708 | 31,117 |
Sales and disposals | (4,075) | (11,494) | (1,186) |
Reclassifications to assets held for sale | (4,814) | ||
Translation differences | 66 | 47 | (75) |
Depreciation | 10,034 | 6,260 | 5,666 |
Impairment | 9,316 | ||
Ending balance | 40,862 | 34,837 | 30,708 |
Land, buildings and leasehold improvements | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 20,626 | 13,011 | |
Ending balance | 80,905 | 20,626 | 13,011 |
Land, buildings and leasehold improvements | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 26,131 | 16,739 | 5,284 |
Impact of acquisitions of businesses | 29 | ||
Additions | 914 | 1,924 | 885 |
Sales and disposals | (2,846) | (51) | |
Reclassifications | 64,286 | 7,273 | 10,625 |
Reclassifications to assets held for sale | (2) | ||
Translation differences | 205 | 195 | (2) |
Ending balance | 88,719 | 26,131 | 16,739 |
Land, buildings and leasehold improvements | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 5,505 | 3,728 | 3,080 |
Sales and disposals | (2,173) | (51) | |
Reclassifications | 46 | ||
Translation differences | 49 | 28 | (1) |
Depreciation | 4,433 | 1,749 | 654 |
Ending balance | 7,814 | 5,505 | 3,728 |
New Building, Oegstgeest, Netherlands | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Reclassifications | 64,300 | ||
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 21,521 | 15,257 | |
Ending balance | 28,530 | 21,521 | 15,257 |
Installation and machinery | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 46,270 | 37,607 | 44,655 |
Impact of acquisitions of businesses | 2,117 | ||
Additions | 5,688 | 4,453 | 3,737 |
Sales and disposals | (600) | (1,001) | (1,096) |
Reclassifications | 3,580 | 5,210 | (623) |
Reclassifications to assets held for sale | (8,938) | ||
Translation differences | (15) | 1 | (127) |
Ending balance | 57,040 | 46,270 | 37,607 |
Installation and machinery | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 24,749 | 22,350 | 25,885 |
Sales and disposals | (574) | (1,000) | (1,058) |
Reclassifications | (1,675) | ||
Reclassifications to assets held for sale | (4,327) | ||
Translation differences | (1) | 1 | (61) |
Depreciation | 4,336 | 3,398 | 3,587 |
Ending balance | 28,510 | 24,749 | 22,350 |
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,247 | 2,724 | |
Ending balance | 5,704 | 3,247 | 2,724 |
Furniture, fixtures & vehicles | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 7,829 | 7,352 | 4,028 |
Impact of acquisitions of businesses | 108 | ||
Additions | 3,438 | 434 | 1,824 |
Sales and disposals | (1,344) | (1,177) | (81) |
Reclassifications | 167 | 1,175 | 2,084 |
Reclassifications to assets held for sale | (484) | ||
Translation differences | 43 | 45 | (19) |
Ending balance | 10,241 | 7,829 | 7,352 |
Furniture, fixtures & vehicles | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,582 | 4,628 | 2,119 |
Sales and disposals | (1,328) | (1,178) | (77) |
Reclassifications | 1,629 | ||
Reclassifications to assets held for sale | (448) | ||
Translation differences | 18 | 18 | (13) |
Depreciation | 1,265 | 1,113 | 1,418 |
Ending balance | 4,537 | 4,582 | 4,628 |
Other tangible assets | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 60,324 | 37,273 | |
Impairment | 9,300 | ||
Ending balance | 11,587 | 60,324 | 37,273 |
Other tangible assets | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 60,324 | 37,273 | 17,856 |
Additions | 19,296 | 46,028 | 32,218 |
Sales and disposals | (9,316) | ||
Reclassifications | (68,033) | (13,658) | (12,086) |
Reclassifications to assets held for sale | (686) | ||
Translation differences | (3) | (30) | |
Ending balance | € 11,587 | 60,324 | 37,273 |
Other tangible assets | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 31 | ||
Sales and disposals | (9,316) | ||
Reclassifications to assets held for sale | (39) | ||
Depreciation | € 7 | ||
Impairment | € 9,316 |
Property, plant and equipment_2
Property, plant and equipment - Right of Use (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | € 105,718 | € 68,264 | |
Ending balance | 126,726 | 105,718 | € 68,264 |
RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 31,794 | 35,113 | |
Ending balance | 27,526 | 31,794 | 35,113 |
Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 140,555 | 98,972 | 71,823 |
Additions | 29,336 | 52,839 | 38,664 |
Sales and disposals | (4,790) | (11,494) | (1,228) |
Reclassifications to assets held for sale | (10,110) | ||
Translation differences | 233 | 238 | (178) |
Ending balance | 167,588 | 140,555 | 98,972 |
Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 48,239 | 46,225 | 31,225 |
Additions | 4,306 | 6,924 | 21,459 |
Sales and disposals | (4,984) | (5,133) | (167) |
Reclassifications to assets held for sale | (6,202) | ||
Translation differences | 216 | 223 | (90) |
Ending balance | 47,777 | 48,239 | 46,225 |
Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 34,837 | 30,708 | 31,117 |
Sales and disposals | (4,075) | (11,494) | (1,186) |
Reclassifications to assets held for sale | (4,814) | ||
Translation differences | 66 | 47 | (75) |
Depreciation | 10,034 | 6,260 | 5,666 |
Ending balance | 40,862 | 34,837 | 30,708 |
Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 16,444 | 11,111 | 5,879 |
Sales and disposals | (3,993) | (2,669) | (167) |
Reclassifications to assets held for sale | (1,448) | ||
Translation differences | (103) | (79) | 36 |
Depreciation | 7,696 | 7,923 | 6,883 |
Ending balance | 20,250 | 16,444 | 11,111 |
Land and building | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 24,961 | 31,027 | |
Ending balance | 20,410 | 24,961 | 31,027 |
Land and building | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 37,461 | 39,678 | 27,364 |
Additions | 703 | 1,722 | 18,341 |
Sales and disposals | (3,554) | (4,160) | |
Reclassifications to assets held for sale | (5,940) | ||
Translation differences | 224 | 221 | (88) |
Ending balance | 34,834 | 37,461 | 39,678 |
Land and building | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 12,500 | 8,651 | 4,670 |
Sales and disposals | (2,602) | (1,696) | |
Reclassifications to assets held for sale | (1,334) | ||
Translation differences | (105) | (79) | 36 |
Depreciation | 4,421 | 5,466 | 5,350 |
Ending balance | 14,424 | 12,500 | 8,651 |
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 21,521 | 15,257 | |
Ending balance | 28,530 | 21,521 | 15,257 |
Installation and machinery | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 219 | 270 | |
Ending balance | 85 | 219 | 270 |
Installation and machinery | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 46,270 | 37,607 | 44,655 |
Additions | 5,688 | 4,453 | 3,737 |
Sales and disposals | (600) | (1,001) | (1,096) |
Reclassifications | 3,580 | 5,210 | (623) |
Reclassifications to assets held for sale | (8,938) | ||
Translation differences | (15) | 1 | (127) |
Ending balance | 57,040 | 46,270 | 37,607 |
Installation and machinery | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 593 | 734 | 554 |
Additions | 110 | 186 | |
Sales and disposals | (156) | (251) | (6) |
Ending balance | 437 | 593 | 734 |
Installation and machinery | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 24,749 | 22,350 | 25,885 |
Sales and disposals | (574) | (1,000) | (1,058) |
Reclassifications | (1,675) | ||
Reclassifications to assets held for sale | (4,327) | ||
Translation differences | (1) | 1 | (61) |
Depreciation | 4,336 | 3,398 | 3,587 |
Ending balance | 28,510 | 24,749 | 22,350 |
Installation and machinery | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 374 | 464 | 342 |
Sales and disposals | (156) | (251) | (6) |
Depreciation | 134 | 161 | 128 |
Ending balance | 352 | 374 | 464 |
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,247 | 2,724 | |
Ending balance | 5,704 | 3,247 | 2,724 |
Furniture, fixtures & vehicles | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,615 | 3,817 | |
Ending balance | 7,032 | 6,615 | 3,817 |
Furniture, fixtures & vehicles | Acquisition value | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 7,829 | 7,352 | 4,028 |
Additions | 3,438 | 434 | 1,824 |
Sales and disposals | (1,344) | (1,177) | (81) |
Reclassifications | 167 | 1,175 | 2,084 |
Reclassifications to assets held for sale | (484) | ||
Translation differences | 43 | 45 | (19) |
Ending balance | 10,241 | 7,829 | 7,352 |
Furniture, fixtures & vehicles | Acquisition value | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 10,184 | 5,812 | 3,307 |
Additions | 3,603 | 5,092 | 2,932 |
Sales and disposals | (1,274) | (722) | (161) |
Reclassifications to assets held for sale | (263) | ||
Translation differences | (8) | 2 | (3) |
Ending balance | 12,505 | 10,184 | 5,812 |
Furniture, fixtures & vehicles | Depreciations and impairment | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,582 | 4,628 | 2,119 |
Sales and disposals | (1,328) | (1,178) | (77) |
Reclassifications | 1,629 | ||
Reclassifications to assets held for sale | (448) | ||
Translation differences | 18 | 18 | (13) |
Depreciation | 1,265 | 1,113 | 1,418 |
Ending balance | 4,537 | 4,582 | 4,628 |
Furniture, fixtures & vehicles | Depreciations and impairment | RIGHT OF USE | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,569 | 1,995 | 867 |
Sales and disposals | (1,235) | (722) | (161) |
Reclassifications to assets held for sale | (115) | ||
Translation differences | 2 | 1 | |
Depreciation | 3,141 | 2,296 | 1,405 |
Ending balance | € 5,473 | € 3,569 | € 1,995 |
Property, plant and equipment_3
Property, plant and equipment - Carrying Amount (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | € 68,264 | ||
Right-of-use assets | 35,113 | ||
Total property, plant and equipment | € 154,252 | € 137,512 | € 103,378 |
Installation and machinery | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | 126,726 | ||
Right-of-use assets | 27,526 | ||
Total property, plant and equipment | € 154,252 | ||
Furniture, fixtures & vehicles | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment fully owned | 105,718 | ||
Right-of-use assets | 31,794 | ||
Total property, plant and equipment | € 137,512 |
Other non-current assets - Summ
Other non-current assets - Summary (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Other non-current assets | |||
Non-current restricted cash | € 4,569 | € 1,425 | € 1,482 |
Financial assets held at fair value through profit or loss | 0 | 8,951 | |
Other non-current assets | 1,209 | 1,048 | 910 |
Total other non-current assets | € 5,778 | € 2,473 | € 11,343 |
Other non-current assets - Fina
Other non-current assets - Financial assets held at fair value through profit or loss (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of fair value remeasurement | |||
Net book value at December 31, | € 0 | € 8,951 | |
Financial assets. | |||
Reconciliation of fair value remeasurement | |||
Costs at January 1 | € 1,994 | 3,910 | 4,736 |
Acquisitions of the year | 12 | 12 | 1,994 |
Disposals of the year | (1,928) | (2,820) | |
Costs at December 31, | 2,006 | 1,994 | 3,910 |
Net book value at December 31, | 8,951 | ||
Financial assets. | Level 1 | |||
Reconciliation of fair value remeasurement | |||
Fair value adjustment at January 1 | (1,994) | 5,042 | 6,539 |
Change in fair value of current financial liability | (2,116) | (3,894) | |
Fair value adjustment of the year | (12) | (4,920) | 2,397 |
Fair value adjustment at December 31, | € (2,006) | € (1,994) | € 5,042 |
Other non-current assets - Narr
Other non-current assets - Narrative (Details) - EUR (€) € in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Bank guarantees on real estate lease obligations | € 1.8 | |
Bid and performance bonds | 2.5 | |
Bank guarantees on import duties | € 0.3 | |
Belgium | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Bank guarantees on real estate lease obligations | € 1 | |
The Netherlands | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | ||
Bank guarantees on real estate lease obligations | € 0.4 |
Research and Development ince_3
Research and Development incentives receivables - Current and non-current (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Research and Development incentives receivables | |||
Non-current R&D incentives receivables-discounted value | € 119,941 | € 127,186 | € 111,624 |
Current R&D incentives receivables | 26,126 | 16,827 | 24,104 |
Total R&D incentives receivables | € 146,067 | € 144,013 | € 135,728 |
Research and Development ince_4
Research and Development incentives receivables - Maturities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 119,941 | € 127,186 | € 111,624 |
France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 34,415 | ||
Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 85,526 | ||
Later than one year and not later than two years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 28,518 | ||
Later than one year and not later than two years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,713 | ||
Later than one year and not later than two years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 16,805 | ||
Later than two years and not later than three years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 30,099 | ||
Later than two years and not later than three years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,495 | ||
Later than two years and not later than three years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 18,604 | ||
Later than three years and not later than four years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 30,650 | ||
Later than three years and not later than four years [member] | France | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 11,207 | ||
Later than three years and not later than four years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 19,443 | ||
Later than four years and not later than five years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 13,908 | ||
Later than four years and not later than five years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 13,908 | ||
Later than five years and not later than ten years [member] | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | 16,767 | ||
Later than five years and not later than ten years [member] | Belgium | |||
Disclosure of financial assets [line items] | |||
Non-current R&D incentives receivables-discounted value | € 16,767 |
Inventories (Details)
Inventories (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | |||
Raw materials | € 39,071 | € 14,351 | |
Semi-finished products | 5,791 | 1,376 | |
Finished goods | 8,063 | 4,842 | € 36 |
Total inventories | € 52,925 | € 20,569 | € 36 |
Trade and other receivables a_3
Trade and other receivables and other current assets (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other receivables and other current assets | |||
Non-current trade receivables | € 50,000 | ||
Trade receivables | € 28,194 | € 91,786 | 134,632 |
Prepayments | 488 | 202 | 219 |
Other receivables | 11,747 | 19,349 | 13,568 |
Trade and other receivables | 40,429 | 111,337 | 148,418 |
Consumables inventory | 319 | ||
Accrued income | 11,277 | 639 | 1,096 |
Deferred charges | 12,029 | 9,306 | 10,502 |
Other current assets | 23,307 | 9,945 | 11,917 |
Total trade and other receivables & other current assets | € 63,735 | € 121,282 | € 210,335 |
Current financial investments_2
Current financial investments (Details) € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Current financial investments | ||||
Money market funds | € 1,292,514 | € 1,317,460 | € 1,571,858 | |
Treasury bills | 749,835 | 877,349 | 1,454,420 | |
Term deposits | 1,543,596 | 275,000 | ||
Total current financial investments | € 3,585,945 | € 2,469,809 | € 3,026,278 | |
Current financial investments held in USD | $ | $ 809.6 |
Cash and cash equivalents (Deta
Cash and cash equivalents (Details) € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) |
Cash and cash equivalents | |||||
Cash at banks | € 458,117 | € 1,225,860 | € 1,239,993 | ||
Term deposits | 50,000 | 1,007,508 | 895,194 | ||
Total cash and cash equivalents from continuing operations | 508,117 | $ 97.3 | 2,233,368 | 2,135,187 | |
Cash and cash equivalents included in assets classified as held for sale | 7,884 | ||||
Total cash and cash equivalents | € 508,117 | € 2,233,368 | € 2,143,071 | € 1,861,616 |
Cash and cash equivalents - Nar
Cash and cash equivalents - Narrative (Details) € in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | |
Cash and cash equivalents [abstract] | ||||
Term deposits | € 50,000 | € 1,007,508 | € 895,194 | |
Cash and cash equivalents | € 508,117 | $ 97.3 | € 2,233,368 | € 2,135,187 |
Maturity Period | 3 months |
Share capital - Reconciliation
Share capital - Reconciliation (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Aggregate share capital | € 356,112 | € 354,582 | € 353,819 | € 349,789 |
Share capital. | ||||
Balance at beginning of year, amount | 292,075 | 291,312 | 287,282 | |
Share capital increase | 1,530 | 763 | 4,031 | |
Aggregate share capital | 356,112 | 354,582 | 353,819 | |
Costs of capital increase (accumulated) | (62,507) | (62,507) | (62,507) | |
Balance at end of year, amount | € 293,604 | € 292,075 | € 291,312 | € 287,282 |
Share capital - History (Detail
Share capital - History (Details) - EUR (€) € in Thousands, shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
History of the share capital | ||||
Aggregate number of shares after transaction | 65,836 | 65,553 | 65,412 | 64,667 |
Aggregate share capital after transaction | € 356,112 | € 354,582 | € 353,819 | € 349,789 |
March 17, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 824 | |||
Number of shares issued | 152 | |||
May 28, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 2,356 | |||
Number of shares issued | 436 | |||
September 19, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 467 | |||
Number of shares issued | 86 | |||
December 4, 2020 | ||||
History of the share capital | ||||
Share capital increase warrants | € 384 | |||
Number of shares issued | 71 | |||
March 19, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 540 | |||
Number of shares issued | 100 | |||
June 7, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 59 | |||
Number of shares issued | 11 | |||
September 20, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 41 | |||
Number of shares issued | 8 | |||
December 3, 2021 | ||||
History of the share capital | ||||
Share capital increase warrants | € 123 | |||
Number of shares issued | 23 | |||
March 18, 2022 | ||||
History of the share capital | ||||
Share capital increase warrants | € 517 | |||
Number of shares issued | 96 | |||
June 20, 2022 | ||||
History of the share capital | ||||
Share capital increase warrants | € 434 | |||
Number of shares issued | 80 | |||
September 27, 2022 | ||||
History of the share capital | ||||
Share capital increase warrants | € 579 | |||
Number of shares issued | 107 |
Share capital - History - Narra
Share capital - History - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share capital | ||||
Aggregate share capital | € 356,112 | € 354,582 | € 353,819 | € 349,789 |
Aggregate number of shares after transaction | 65,836,000 | 65,553,000 | 65,412,000 | 64,667,000 |
Number of shares | 65,835,511 | 65,552,721 | 65,411,767 | 64,666,802 |
Share capital - Capital increas
Share capital - Capital increases (Details) - EUR (€) | 12 Months Ended | ||||
Jul. 14, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, shares | 65,552,721 | 65,411,767 | 64,666,802 | ||
Share capital | € 293,604,000 | € 292,075,000 | € 291,312,000 | ||
Share premium | 2,735,557,000 | 2,730,391,000 | 2,727,840,000 | ||
Exercise of warrant/ subscription rights | € 6,695,000 | € 3,314,000 | € 28,288,000 | ||
Average exercise price warrants | € 23.7 | € 23.5 | € 38 | ||
Balance at end of year, shares | 65,835,511 | 65,552,721 | 65,411,767 | ||
Par value of shares | € 5.41 | ||||
Ordinary Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Par value of shares | € 5.41 | ||||
Gilead | |||||
Disclosure of classes of share capital [line items] | |||||
Weighted average share price | € 140.59 | ||||
Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, amount | € 292,075,000 | € 291,312,000 | € 287,282,000 | ||
Share capital | 293,604,000 | 292,075,000 | 291,312,000 | € 287,282,000 | |
Exercise of warrant/ subscription rights | 1,530,000 | 763,000 | 4,031,000 | ||
Balance at end of year, amount | 293,604,000 | 292,075,000 | 291,312,000 | ||
Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Share premium | 2,735,557,000 | 2,730,391,000 | 2,727,840,000 | € 2,703,583,000 | |
Exercise of warrant/ subscription rights | 5,166,000 | 2,551,000 | 24,257,000 | ||
Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of year, amount | 3,022,467,000 | 3,019,153,000 | 2,990,865,000 | ||
Balance at end of year, amount | € 3,029,162,000 | € 3,022,467,000 | € 3,019,153,000 | ||
March 17, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 152,220 | ||||
Average exercise price warrants | € 35.18 | ||||
Closing share price on date of capital increase | € 141.40 | ||||
March 17, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 824,000 | ||||
March 17, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 4,531,000 | ||||
March 17, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 5,355,000 | ||||
May 28, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 435,540 | ||||
Average exercise price warrants | € 41.13 | ||||
Closing share price on date of capital increase | € 186.60 | ||||
May 28, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,356,000 | ||||
May 28, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 15,558,000 | ||||
May 28, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 17,914,000 | ||||
September 18, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 86,280 | ||||
Average exercise price warrants | € 27.85 | ||||
Closing share price on date of capital increase | € 117.70 | ||||
September 18, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 467,000 | ||||
September 18, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,936,000 | ||||
September 18, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,403,000 | ||||
December 4, 2020 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 70,925 | ||||
Average exercise price warrants | € 36.88 | ||||
Closing share price on date of capital increase | € 100.30 | ||||
December 4, 2020 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 384,000 | ||||
December 4, 2020 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 2,232,000 | ||||
December 4, 2020 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,616,000 | ||||
December 3, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 22,600 | ||||
Exercise of warrant/ subscription rights | € 41.72 | ||||
Average exercise price warrants | € 25.61 | ||||
December 3, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 123,000 | ||||
December 3, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 456,000 | ||||
December 3, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 579,000 | ||||
March 19, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 99,814 | ||||
Average exercise price warrants | € 22.62 | ||||
Closing share price on date of capital increase | € 68.48 | ||||
March 19, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 540,000 | ||||
March 19, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,718,000 | ||||
March 19, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,258,000 | ||||
June 7, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 10,940 | ||||
Average exercise price warrants | € 29.73 | ||||
Closing share price on date of capital increase | € 61.78 | ||||
June 7, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 59,000 | ||||
June 7, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 266,000 | ||||
June 7, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 325,000 | ||||
September 20, 2021 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 7,600 | ||||
Average exercise price warrants | € 19.97 | ||||
Closing share price on date of capital increase | € 46.93 | ||||
September 20, 2021 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 41,000 | ||||
September 20, 2021 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 111,000 | ||||
September 20, 2021 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 152,000 | ||||
March 18, 2022 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 95,500 | ||||
Average exercise price warrants | € 22.61 | ||||
Closing share price on date of capital increase | € 57.38 | ||||
March 18, 2022 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 517,000 | ||||
March 18, 2022 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,643,000 | ||||
March 18, 2022 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 2,160,000 | ||||
June 20, 2022 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 80,290 | ||||
Average exercise price warrants | € 18.18 | ||||
Closing share price on date of capital increase | € 53.52 | ||||
June 20, 2022 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 434,000 | ||||
June 20, 2022 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 1,025,000 | ||||
June 20, 2022 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 1,460,000 | ||||
September 27, 2022 : exercise of subscription rights | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrants, shares | 107,000 | ||||
Average exercise price warrants | € 28.75 | ||||
Closing share price on date of capital increase | € 44.49 | ||||
September 27, 2022 : exercise of subscription rights | Share capital. | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 579,000 | ||||
September 27, 2022 : exercise of subscription rights | Share premium account | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | 2,497,000 | ||||
September 27, 2022 : exercise of subscription rights | Share capital and share premium | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise of warrant/ subscription rights | € 3,076,000 |
Share capital - Other informati
Share capital - Other information (Details) - EUR (€) | 12 Months Ended | ||
Oct. 22, 2019 | Apr. 25, 2017 | Dec. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Ordinary Shares | |||
Disclosure of classes of share capital [line items] | |||
Authorized capital, remained available under the general part | € 24,889,284.17 | ||
General authorization of share capital | |||
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Authorized capital, approved | € 67,022,402.04 | ||
Percentage of share capital | 20% | ||
Specific authorization of share capital | |||
Disclosure of classes of share capital [line items] | |||
Authorization period | 5 years | ||
Authorized capital, approved | € 82,561,764.93 | ||
Specific authorization of share capital | Minimum | |||
Disclosure of classes of share capital [line items] | |||
Percentage of share capital | 20% | ||
Specific authorization of share capital | Maximum | |||
Disclosure of classes of share capital [line items] | |||
Percentage of share capital | 33% |
Deferred tax - Summary of defer
Deferred tax - Summary of deferred tax assets and liabilities (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax | |||
Deferred tax assets | € 1,363 | € 4,032 | € 4,475 |
Deferred tax liabilities | 20,148 | ||
Deferred tax assets unrecognized | 460,102 | 408,892 | 365,639 |
Deferred taxes in the consolidated statement of operations | 1,227 | (404) | (157) |
Tax benefit arising from previously unrecognized tax assets used to reduce deferred tax expense (+) | 1,677 | 1,411 | 581 |
Deferred tax benefit/expenses (-) relating to temporary differences | 1,899 | (629) | (44) |
Deferred tax expenses relating to use of previously recognized deferred tax assets | € (2,348) | € (1,185) | € (695) |
Deferred tax - Changes in defer
Deferred tax - Changes in deferred taxes (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax, beginning balance | € 4,032 | € 4,475 | € 4,205 |
Impact of acquisition of businesses | (23,265) | ||
Credited/charged (-) to profit or loss | 1,227 | (404) | (157) |
(Charged) credited to other comprehensive income | (795) | (74) | 973 |
Classified to held for sale | (543) | ||
Exchange differences | 17 | 35 | (3) |
Deferred tax, ending balance | (18,785) | 4,032 | 4,475 |
Intangible assets other than goodwill | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Impact of acquisition of businesses | (23,265) | ||
Credited/charged (-) to profit or loss | 2,842 | ||
Reclassification | 275 | ||
Deferred tax, ending balance | (20,148) | ||
Retirement benefit liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax, beginning balance | 776 | 1,440 | 535 |
Credited/charged (-) to profit or loss | 17 | (623) | (65) |
(Charged) credited to other comprehensive income | (795) | (74) | 973 |
Exchange differences | 22 | 33 | (3) |
Deferred tax, ending balance | 19 | 776 | 1,440 |
Tax loss carryforward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax, beginning balance | 3,133 | 2,907 | 3,670 |
Credited/charged (-) to profit or loss | (1,797) | 226 | (220) |
Reclassification | (275) | ||
Classified to held for sale | (543) | ||
Deferred tax, ending balance | 1,061 | 3,133 | 2,907 |
Other | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax, beginning balance | 122 | 127 | |
Credited/charged (-) to profit or loss | 165 | (7) | 127 |
Exchange differences | (6) | 2 | |
Deferred tax, ending balance | € 281 | € 122 | € 127 |
Deferred tax - Narrative (Detai
Deferred tax - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Total amount of tax attributes and deductible temporary differences | € 1,882,500 | € 1,653,700 | € 1,485,800 |
Tax losses carried forward and deductible temporary differences | 1,516,600 | 1,343,200 | 1,229,300 |
Amount of statutory tax losses carried forward for offset against future profits | 883,600 | ||
Deferred tax assets | 1,363 | 4,032 | 4,475 |
Expiry between 2028 and 2034 | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Amount of statutory tax losses carried forward for offset against future profits | 2,700 | ||
Belgium. | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Amount of statutory tax losses carried forward for offset against future profits | 769,900 | ||
For one subsidiary company | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 1,100 | ||
Investment Deduction | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Innovation income deduction, dividend received deduction and investment deduction | 1,000 | 1,000 | 1,000 |
Innovation Income Deduction And Investment Deduction | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Innovation income deduction, dividend received deduction and investment deduction | 365,900 | 310,500 | 256,500 |
Due to innovation income deduction | Galapagos NV | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Carried forward innovation income to be offset against future income | 346,200 | 301,300 | 247,200 |
Dividend received deduction carried forward to be offset against future income Screen reader support enabled. | Galapagos NV | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Innovation income deduction, dividend received deduction and investment deduction | € 18,700 | € 8,200 | € 8,400 |
Lease liabilities (Details)
Lease liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Lease liabilities | |||
Current lease liabilities | € 7,209 | € 7,204 | € 6,401 |
Non-current lease liabilities | 14,692 | 19,655 | 23,035 |
IFRS 16 | |||
Lease liabilities | |||
Lease payments | 22,517 | 27,720 | 30,385 |
Present value of lease payments | 21,901 | 26,859 | 29,436 |
Less future finance charges | 616 | 861 | 949 |
Lease liability | 21,901 | 26,859 | 29,436 |
Current lease liabilities | 7,209 | 7,204 | 6,401 |
Non-current lease liabilities | 14,692 | 19,655 | 23,035 |
IFRS 16 | Less than 1 year | |||
Lease liabilities | |||
Lease payments | 7,507 | 7,557 | 6,772 |
Present value of lease payments | 7,209 | 7,204 | 6,401 |
IFRS 16 | In the second to fifth years inclusive | |||
Lease liabilities | |||
Lease payments | 14,401 | 18,873 | 20,399 |
Present value of lease payments | 14,100 | 18,381 | 19,833 |
IFRS 16 | More than 5 years | |||
Lease liabilities | |||
Lease payments | 609 | 1,291 | 3,214 |
Present value of lease payments | € 592 | € 1,274 | € 3,201 |
Trade and other liabilities a_3
Trade and other liabilities and other non-current liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade and other liabilities and other non-current liabilities | |||
Trade and other liabilities. | € 133,298 | € 134,304 | € 171,316 |
Current contingent consideration related to milestones CellPoint | 8,485 | ||
Current deferred consideration payable CellPoint | 6,222 | ||
Current financial instruments | 19 | 204 | 3,164 |
Accrued charges | 651 | 3,114 | 1,070 |
Total trade and other liabilities | 148,675 | 137,622 | 175,550 |
Non-current contingent consideration related to milestones CellPoint | 13,582 | ||
Other non-current liabilities | 8,226 | 7,135 | 8,096 |
Total other non-current liabilities | € 21,808 | € 7,135 | € 8,096 |
Trade and other liabilities a_4
Trade and other liabilities and other non-current liabilities - Narrative (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jun. 21, 2022 | |
Disclosure of detailed information about business combination [line items] | ||
Current contingent consideration related to milestones CellPoint | € 8,485 | |
Non-current contingent consideration related to milestones CellPoint | € 13,582 | |
Cell Point Acquisition | ||
Disclosure of detailed information about business combination [line items] | ||
Fair value of contingent consideration | € 20,211 | |
Contingent consideration on certain development milestone | 20,000 | |
Contingent consideration on regulatory milestone | 30,000 | |
Contingent consideration on sales based milestone | 50,000 | |
Discount rate | 12.50% | |
Probability, success, percentage | 5% | |
Impact on contingent consideration liability of change in probability of success | € 3,100 | |
Current contingent consideration related to milestones CellPoint | 8,500 | |
Non-current contingent consideration related to milestones CellPoint | € 13,600 | |
Cell Point Acquisition | Maximum | ||
Disclosure of detailed information about business combination [line items] | ||
Additional contingent consideration | € 100,000 |
Deferred income (Details)
Deferred income (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred income related to contracts | ||||
Deferred income | € 2,364,701 | € 1,989,230 | € 2,809,133 | € 3,000,646 |
Current deferred income | 419,866 | 365,631 | 443,159 | |
Non-current deferred income | 1,944,836 | 1,623,599 | 2,365,974 | |
Other. | ||||
Deferred income related to contracts | ||||
Deferred income | 3,474 | 67 | 10 | |
Non-current deferred income | 1,200 | |||
Subsequent warrant B | ||||
Deferred income related to contracts | ||||
Deferred income | 2,400 | 700 | ||
Collaboration agreement for filgotinib | ||||
Deferred income related to contracts | ||||
Deferred income | 456,400 | |||
Gilead collaboration agreement for drug discovery platform | ||||
Deferred income related to contracts | ||||
Deferred income | 1,759,800 | 1,529,400 | ||
Non-current deferred income | 1,530,000 | 1,299,400 | ||
Gilead [member] | ||||
Deferred income related to contracts | ||||
Deferred income | 4,308,669 | 4,339,347 | 4,286,852 | |
Total transaction price, movements | 4,356,967 | |||
Gilead [member] | Collaboration agreement for filgotinib | ||||
Deferred income related to contracts | ||||
Deferred income | 604,875 | 456,352 | 818,654 | 780,261 |
Non-current deferred income | 414,800 | 322,900 | ||
Gilead [member] | Gilead collaboration agreement for drug discovery platform | ||||
Deferred income related to contracts | ||||
Deferred income | € 1,759,828 | € 1,529,405 | € 1,990,412 | 2,220,013 |
Fee for services segment | ||||
Deferred income related to contracts | ||||
Deferred income | € 362 |
Deferred income - Movement in t
Deferred income - Movement in the non-current and current deferred income (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | € 2,364,701 | € 2,809,133 | € 3,000,646 |
Upfront/license fees received | 12,643 | 160,000 | |
Milestones received | 18,238 | 90,192 | |
Significant financing component | 7,672 | 9,289 | 16,278 |
Revenue recognition of upfront | (370,078) | (433,884) | (411,417) |
Revenue recognition of milestones | (34,777) | (32,408) | (46,261) |
Other movements | 3,474 | (67) | (305) |
Deferred income, ending balance | 1,989,230 | 2,364,701 | 2,809,133 |
Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 4,308,669 | 4,286,852 | |
Deferred income, ending balance | 4,339,347 | 4,308,669 | 4,286,852 |
Other. | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 67 | 10 | |
Other movements | 3,474 | (67) | 57 |
Deferred income, ending balance | 3,474 | 67 | |
Fee for services segment | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 362 | ||
Other movements | (362) | ||
Collaboration agreement for filgotinib | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, ending balance | 456,400 | ||
Collaboration agreement for filgotinib | Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 604,875 | 818,654 | 780,261 |
Upfront/license fees received | 12,643 | 160,000 | |
Milestones received | 18,238 | 90,192 | |
Significant financing component | 7,672 | 9,289 | 16,278 |
Revenue recognition of upfront | (139,655) | (203,301) | (181,816) |
Revenue recognition of milestones | (34,777) | (32,408) | (46,261) |
Deferred income, ending balance | 456,352 | 604,875 | 818,654 |
Gilead collaboration agreement for drug discovery platform | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 1,759,800 | ||
Deferred income, ending balance | 1,529,400 | 1,759,800 | |
Gilead collaboration agreement for drug discovery platform | Gilead [member] | |||
Disclosure of Deferred Income [Line Items] | |||
Deferred income, beginning balance | 1,759,828 | 1,990,412 | 2,220,013 |
Revenue recognition of upfront | (230,423) | (230,582) | (229,601) |
Deferred income, ending balance | € 1,529,405 | € 1,759,828 | € 1,990,412 |
Business combinations during _3
Business combinations during the period - Narrative (Details) € in Thousands, $ in Millions | Jun. 21, 2022 EUR (€) | Jun. 21, 2022 USD ($) |
Cell Point Acquisition | ||
Business combinations during the period | ||
Shares and voting interest (as a percent) | 100% | 100% |
Total consideration | € 125,000 | |
Consideration for other liabilities | 10,300 | |
Fair value of contingent consideration | 20,211 | |
Total consideration | 133,769 | |
Cell Point Acquisition | Maximum | ||
Business combinations during the period | ||
Additional contingent consideration | 100,000 | |
AboundBio | ||
Business combinations during the period | ||
Total consideration | $ | $ 14 | |
Total consideration | € 15,318 |
Business combinations during _4
Business combinations during the period - Price allocations (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Jun. 21, 2022 | Dec. 31, 2022 | |
Business combinations during the period | ||
Exchange differences on goodwill | € (80) | |
Goodwill in the balance sheet | € 69,813 | 69,813 |
Net cash outflow arising on acquisition | ||
Cash out from acquisition of subsidiaries, net of cash acquired | 115,270 | 115,270 |
Cash used in operating activities for other liabilities related to the acquisition of subsidiaries | 28,164 | 28,164 |
Cell Point Acquisition | ||
Business combinations during the period | ||
Intangible assets other than goodwill | 120,517 | |
Property, plant and equipment | 1,289 | |
Other non-current assets | 81 | |
Trade and other receivables | 162 | |
Cash and cash equivalents | 3,179 | |
Other current assets | 1,254 | |
Deferred tax liabilities | (22,368) | |
Trade and other liabilities | (32,789) | |
Net assets acquired | 71,325 | |
Consideration paid in cash | 107,750 | |
Deferred consideration | 5,808 | |
Fair value of contingent consideration | 20,211 | |
Fair value of total consideration | 133,769 | |
Goodwill | 62,444 | |
Goodwill in the balance sheet | 62,444 | 62,400 |
Net cash outflow arising on acquisition | ||
Consideration paid in cash | 107,750 | |
Cash and cash equivalents | 3,179 | |
Cash out from acquisition of subsidiaries, net of cash acquired | 104,571 | |
Cash used in operating activities for other liabilities related to the acquisition of subsidiaries | 28,164 | |
Cell Point Acquisition | Book value | ||
Business combinations during the period | ||
Property, plant and equipment | 1,289 | |
Other non-current assets | 81 | |
Trade and other receivables | 162 | |
Cash and cash equivalents | 3,179 | |
Other current assets | 1,254 | |
Trade and other liabilities | (32,789) | |
Net assets acquired | (26,824) | |
Net cash outflow arising on acquisition | ||
Cash and cash equivalents | 3,179 | |
Cell Point Acquisition | Adjustment | ||
Business combinations during the period | ||
Intangible assets other than goodwill | 120,517 | |
Deferred tax liabilities | (22,368) | |
Net assets acquired | 98,149 | |
AboundBio | ||
Business combinations during the period | ||
Intangible assets other than goodwill | 4,053 | |
Property, plant and equipment | 965 | |
Other non-current assets | 4 | |
Cash and cash equivalents | 4,279 | |
Other current assets | 536 | |
Deferred tax liabilities | (907) | |
Trade and other liabilities | (587) | |
Current deferred income | (474) | |
Net assets acquired | 7,869 | |
Consideration paid in cash | 14,976 | |
Fair value re-measurement of previously held equity investment | 342 | |
Fair value of total consideration | 15,318 | |
Goodwill | 7,449 | |
Exchange differences on goodwill | (80) | |
Goodwill in the balance sheet | 7,369 | € 7,400 |
Net cash outflow arising on acquisition | ||
Consideration paid in cash | 14,976 | |
Cash and cash equivalents | 4,279 | |
Cash out from acquisition of subsidiaries, net of cash acquired | 10,698 | |
AboundBio | Book value | ||
Business combinations during the period | ||
Property, plant and equipment | 965 | |
Other non-current assets | 4 | |
Cash and cash equivalents | 4,279 | |
Other current assets | 536 | |
Trade and other liabilities | (587) | |
Current deferred income | (474) | |
Net assets acquired | 4,723 | |
Net cash outflow arising on acquisition | ||
Cash and cash equivalents | 4,279 | |
AboundBio | Adjustment | ||
Business combinations during the period | ||
Intangible assets other than goodwill | 4,053 | |
Deferred tax liabilities | (907) | |
Net assets acquired | € 3,146 |
Business combinations during _5
Business combinations during the period - Intangible asset (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2022 EUR (€) item | Jun. 21, 2022 EUR (€) | |
Business combinations during the period | ||
Number of CD19- CAR-T | item | 2 | |
Goodwill | € 69,813 | € 69,813 |
Net deferred tax liabilities related to intangible assets | 23,300 | |
Deferred tax liabilities, intangible assets | 32,300 | |
Deferred tax assets, intangible assets | 9,000 | |
Cell Point Acquisition | ||
Business combinations during the period | ||
Fair value at acquisition date | 120,517 | |
Goodwill | 62,400 | 62,444 |
Cell Point Acquisition | Licenses, rights, technology and in process R&D | Lonza | ||
Business combinations during the period | ||
Fair value at acquisition date | 89,700 | |
Cell Point Acquisition | Licenses, rights, technology and in process R&D | Hypertrust | ||
Business combinations during the period | ||
Fair value at acquisition date | 2,600 | |
Cell Point Acquisition | CD19 CAR-T | ||
Business combinations during the period | ||
Fair value at acquisition date | 28,200 | |
AboundBio | ||
Business combinations during the period | ||
Fair value at acquisition date | 4,053 | |
Goodwill | € 7,400 | 7,369 |
AboundBio | Licenses, rights, technology and in process R&D | ||
Business combinations during the period | ||
Fair value at acquisition date | € 4,100 |
Discontinued operations (Detail
Discontinued operations (Details) - EUR (€) € in Thousands | Jan. 04, 2021 | Dec. 31, 2022 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Purchase commitments | € 398,627 | |
Fee for service business, held for sale | ||
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Total consideration | € 37,100 | |
Purchase commitments | € 12,200 | |
Purchase Commitments Term | 3 years |
Discontinued operations - Consi
Discontinued operations - Consideration received (Details) - Fidelta d.o.o. (fee-for-service segment) - EUR (€) € in Thousands | 12 Months Ended | |
Jan. 04, 2021 | Dec. 31, 2022 | |
Disclosure of analysis of single amount of discontinued operations [line items] | ||
Cash received | € 37,080 | € 37,080 |
Total consideration | € 37,080 |
Discontinued operations - Asset
Discontinued operations - Assets and liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 04, 2021 | Dec. 31, 2020 |
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Intangible assets other than goodwill | € 146,354 | € 60,103 | € 67,565 | |
Other non-current assets | 5,778 | 2,473 | 11,343 | |
Trade and other receivables | 40,429 | 111,337 | 148,418 | |
Cash and cash equivalents | 7,884 | |||
Other current assets | 23,307 | 9,945 | 11,917 | |
Total assets | 23,406 | |||
Non-current lease liabilities | 14,692 | 19,655 | 23,035 | |
Other non-current liabilities | 8,226 | 7,135 | 8,096 | |
Trade and other liabilities | 148,675 | 137,622 | 175,550 | |
Current lease liabilities | € 7,209 | € 7,204 | 6,401 | |
Total liabilities | € (8,917) | |||
Fidelta d.o.o. (fee-for-service segment) | ||||
Disclosure of analysis of single amount of discontinued operations [line items] | ||||
Intangible assets other than goodwill | € 21 | |||
Property, plant and equipment | 10,050 | |||
Other non-current assets | 160 | |||
Trade and other receivables | 4,428 | |||
Cash and cash equivalents | 7,884 | |||
Other current assets | 863 | |||
Total assets | 23,406 | |||
Non-current lease liabilities | 4,115 | |||
Other non-current liabilities | 70 | |||
Trade and other liabilities | 4,479 | |||
Current lease liabilities | 727 | |||
Income tax payable | 356 | |||
Total liabilities | (9,747) | |||
Net assets disposed of | € 13,658 |
Discontinued operations - Gain
Discontinued operations - Gain on disposal of subsidiaries (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jan. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Gain on disposal | € 22,191 | ||
Fidelta d.o.o. (fee-for-service segment) | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Cash received | € 37,080 | € 37,080 | |
Net assets disposed of | (13,658) | ||
Effect of cumulative translation adjustments reclassified from equity on loss of control | (731) | ||
Costs associated to the sale | (500) | ||
Gain on disposal | € 22,191 | € 22,191 |
Discontinued operations - Net c
Discontinued operations - Net cash inflow on disposal of subsidiaries (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Jan. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Cash in from disposal of subsidiaries, net of cash disposed of | € 28,696 | ||
Fidelta d.o.o. (fee-for-service segment) | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Cash received | € 37,080 | € 37,080 | |
Less: cash and cash equivalents balances disposed of | (7,884) | ||
Total consideration received, net of cash disposed of | 29,196 | ||
Costs associated to the sale | (500) | ||
Cash in from disposal of subsidiaries, net of cash disposed of | € 28,696 |
Discontinued operations - Resul
Discontinued operations - Result from discontinued operations (Details) - EUR (€) € / shares in Units, € in Thousands, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | € 505,280 | € 484,846 | € 478,053 |
Gain on disposal of subsidiaries | 22,191 | ||
Research and development expenses | (515,083) | (491,707) | (523,667) |
Sales and marketing expenses | (147,555) | (69,956) | (66,468) |
General and administrative expenses | (144,931) | (140,899) | (118,757) |
Other income | 46,848 | 53,749 | 52,207 |
operating income/loss | (267,520) | (165,596) | (178,632) |
Other financial income | 18,578 | 3,058 | 11,573 |
Other financial expenses | € (17,679) | (21,757) | (26,528) |
Net income | € 22,191 | € 5,565 | |
Basic income per share | € (3.32) | € (1.58) | € (4.69) |
Diluted income per share | € (3.32) | € (1.58) | € (4.69) |
Weighted average number of shares - Basic | 65,699 | 65,500 | 65,075 |
Fidelta d.o.o. (fee-for-service segment) | |||
Disclosure of analysis of single amount of discontinued operations [line items] | |||
Revenues | € 16,140 | ||
Gain on disposal of subsidiaries | € 22,191 | € 22,191 | |
Research and development expenses | (7,685) | ||
General and administrative expenses | (2,000) | ||
operating income/loss | 22,191 | 6,455 | |
Other financial income | 179 | ||
Other financial expenses | (176) | ||
Income before tax | 22,191 | 6,458 | |
Income taxes | (893) | ||
Net income | € 22,191 | € 5,565 | |
Basic income per share | € 0.34 | € 0.09 | |
Diluted income per share | € 0.34 | € 0.08 | |
Weighted average number of shares - Basic | 65,500 | 65,075 | |
Weighted average number of shares - Diluted | 65,831 | 67,572 |
Discontinued operations - Cash
Discontinued operations - Cash flows (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from discontinued operations | ||
Net cash flows generated from operating activities | € 7,173 | |
Net cash flows generated from/used in (-) investing activities | € 28,696 | (2,284) |
Net cash flows used in financing activities | (664) | |
Net cash flows from discontinued operations | € 28,696 | € 4,225 |
Note to the cash flow stateme_3
Note to the cash flow statement (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Adjustment for non-cash transactions | |||
Depreciations and impairment | € 65,566 | € 34,636 | € 18,682 |
Share-based compensation expenses | 88,506 | 70,726 | 79,959 |
Increase/decrease (-) in retirement benefit obligations and provisions | 136 | (2,347) | (260) |
Unrealized exchange losses/gains (-) and non-cash other financial result | (41,970) | (57,073) | 105,055 |
Discounting effect of non-current deferred income | 7,672 | 9,289 | 16,278 |
Discounting effect of other non-current liabilities | 2,271 | ||
Fair value re-measurement of share subscription agreement and warrants | (186) | (2,960) | (3,034) |
Net change in (fair) value of current financial investments | (6,929) | (119) | 15,900 |
Fair value adjustment financial assets held at fair value through profit or loss | 4,919 | (2,396) | |
Other non-cash expenses | 2,229 | 648 | 539 |
Total adjustment for non-cash transactions | 117,296 | 57,718 | 230,723 |
Interest expense | 6,967 | 11,656 | 9,424 |
Interest income | (14,344) | (2,853) | (7,476) |
Tax expense | 2,844 | 2,423 | 2,119 |
Total adjustment for items to disclose separately under operating cash flow | (4,533) | 11,227 | 4,067 |
Gain on disposal of subsidiaries | (22,191) | ||
Gain (-)/loss on sale of fixed assets | (23) | 82 | |
Realized exchange gain on sale of current financial investments | (6,645) | ||
Interest income on current financial investments | (3,766) | (12) | (2,554) |
Total adjustment for items to disclose separately under investing and financing cash flow | (3,789) | (28,847) | (2,472) |
Increase in inventories | (34,588) | (21,168) | (100) |
Increase (-)/ decrease in receivables | 68,984 | 79,859 | (177,155) |
Increase/decrease (-) in liabilities | (2,083) | (35,353) | 31,163 |
Total change in working capital other than deferred income | € 32,313 | € 23,337 | € (146,092) |
Off-balance sheet arrangement_2
Off-balance sheet arrangements (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Off-balance sheet arrangements | |||
Purchase commitments | € 398,627 | ||
Less than 1 year | |||
Off-balance sheet arrangements | |||
Purchase commitments | 240,237 | ||
1-3 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 136,560 | ||
3-5 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 20,797 | ||
More than 5 years | |||
Off-balance sheet arrangements | |||
Purchase commitments | 1,032 | ||
Collaboration agreement for filgotinib | Gilead [member] | |||
Off-balance sheet arrangements | |||
Purchase commitments | 217,300 | € 169,600 | € 18,100 |
Total contractual obligations and commitments | € 281,600 | € 369,900 | € 493,400 |
Contingent assets and liabili_2
Contingent assets and liabilities (Details) € in Millions, $ in Millions | Jan. 04, 2021 EUR (€) | Jul. 14, 2019 USD ($) | Dec. 31, 2022 USD ($) |
DIVERSITY clinical study | |||
Contingent Assets And Liabilities [Line Items] | |||
Amount receivable in relation to the collaboration | $ 15 | ||
Fidelta d.o.o. | Selvita S A | |||
Contingent Assets And Liabilities [Line Items] | |||
Proportion of voting rights held in subsidiary | 100% | ||
Total consideration | € | € 37.1 | ||
Outside Europe | Minimum | |||
Contingent Assets And Liabilities [Line Items] | |||
Tiered royalty Percentage deduction | 20% | ||
Outside Europe | Maximum | |||
Contingent Assets And Liabilities [Line Items] | |||
Tiered royalty Percentage deduction | 24% | ||
Filgotinib drug license | |||
Contingent Assets And Liabilities [Line Items] | |||
Sales based milestone payment | $ 600 | ||
Filgotinib drug license | Outside Europe | Minimum | |||
Contingent Assets And Liabilities [Line Items] | |||
Tiered royalty Percentage deduction | 20% | ||
Filgotinib drug license | Outside Europe | Maximum | |||
Contingent Assets And Liabilities [Line Items] | |||
Tiered royalty Percentage deduction | 30% |
Share based payments - Subscrip
Share based payments - Subscription right plans (Textual) (Details) - EUR (€) € / shares in Units, € in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Subscription rights plans | ||||
Average exercise price | € 83.1 | € 92.7 | € 104 | € 70.1 |
Subscription rights | ||||
Subscription rights plans | ||||
Share based compensation expense | € 88,506 | € 70,726 | € 79,959 | |
Average exercise price | € 83.12 | € 92.69 | € 103.95 | |
Weighted average remaining expected life | 1913 days | 1955 days | 2050 days | |
Subscription rights | Members of the Board of Directors | ||||
Subscription rights plans | ||||
Vesting period | 36 months | |||
Percentage vested | 0.027% | |||
Two Thousand Twenty One Plan Row And Rmv [Member] | Vesting tranche one | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
Two Thousand Twenty One Plan Row And Rmv [Member] | Vesting tranche two | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
Two Thousand Twenty One Plan Row And Rmv [Member] | Vesting tranche three | ||||
Subscription rights plans | ||||
Percentage vested | 50% | |||
2022 Plan A | Vesting tranche one | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
2022 Plan A | Vesting tranche two | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
2022 Plan A | Vesting tranche three | ||||
Subscription rights plans | ||||
Percentage vested | 50% | |||
2022 Plan ROW and RMV | Vesting tranche one | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
2022 Plan ROW and RMV | Vesting tranche two | ||||
Subscription rights plans | ||||
Percentage vested | 25% | |||
2022 Plan ROW and RMV | Vesting tranche three | ||||
Subscription rights plans | ||||
Percentage vested | 50% |
Share based payments - Summary
Share based payments - Summary of subscription rights outstanding and exercisable (Details) | 12 Months Ended | |||
Dec. 31, 2022 EquityInstruments € / shares | Dec. 31, 2021 EquityInstruments € / shares | Dec. 31, 2020 EquityInstruments € / shares | Dec. 31, 2019 EquityInstruments € / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 83.1 | € 92.7 | € 104 | € 70.1 |
Outstanding at the beginning of the year | 8,579,837 | 6,929,111 | 5,541,117 | |
Granted during the year | 3,121,239 | 2,493,433 | 2,173,335 | |
Exercised during the year | (282,790) | (140,954) | (744,965) | |
Forfeited during the year | (607,430) | (701,753) | (40,376) | |
Outstanding at the end of the year | 10,810,856 | 8,579,837 | 6,929,111 | |
Exercisable | 2,574,218 | 1,751,013 | 1,168,967 | 1,139,682 |
Subscription rights | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 83.12 | € 92.69 | € 103.95 | |
Outstanding at the beginning of the year | 8,579,837 | |||
Granted during the year | 3,121,239 | |||
Exercised during the year | (282,790) | |||
Forfeited during the year | (607,430) | |||
Outstanding at the end of the year | 10,810,856 | 8,579,837 | ||
Exercisable | 2,574,218 | |||
2014 allocated on July 2014 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 14.54 | |||
Outstanding at the beginning of the year | 127,540 | |||
Exercised during the year | (127,540) | |||
Outstanding at the end of the year | 127,540 | |||
2015 allocated on April 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 28.75 | |||
Outstanding at the beginning of the year | 199,223 | |||
Exercised during the year | (136,000) | |||
Outstanding at the end of the year | 63,223 | 199,223 | ||
Exercisable | 63,223 | |||
2015 (B) allocated on December 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 49 | |||
Outstanding at the beginning of the year | 256,500 | |||
Exercised during the year | (15,000) | |||
Outstanding at the end of the year | 241,500 | 256,500 | ||
Exercisable | 241,500 | |||
2015 RMV allocated on December 2015 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 49 | |||
Outstanding at the beginning of the year | 35,000 | |||
Outstanding at the end of the year | 35,000 | 35,000 | ||
Exercisable | 35,000 | |||
2016 allocated on June 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 46.10 | |||
Outstanding at the beginning of the year | 330,750 | |||
Exercised during the year | (4,250) | |||
Forfeited during the year | (1,000) | |||
Outstanding at the end of the year | 325,500 | 330,750 | ||
Exercisable | 325,500 | |||
2016 RMV allocated on June 2016 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 46.10 | |||
Outstanding at the beginning of the year | 69,000 | |||
Outstanding at the end of the year | 69,000 | 69,000 | ||
Exercisable | 69,000 | |||
2016 (B) allocated on January 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 62.50 | |||
Outstanding at the beginning of the year | 10,000 | |||
Outstanding at the end of the year | 10,000 | 10,000 | ||
Exercisable | 10,000 | |||
2017 allocated on May 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 80.57 | |||
Outstanding at the beginning of the year | 595,500 | |||
Forfeited during the year | (5,500) | |||
Outstanding at the end of the year | 590,000 | 595,500 | ||
Exercisable | 590,000 | |||
2017 RMV allocated on May 2017 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 80.57 | |||
Outstanding at the beginning of the year | 127,500 | |||
Outstanding at the end of the year | 127,500 | 127,500 | ||
Exercisable | 127,500 | |||
2018 allocated on April 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 79.88 | |||
Outstanding at the beginning of the year | 1,005,995 | |||
Forfeited during the year | (31,000) | |||
Outstanding at the end of the year | 974,995 | 1,005,995 | ||
Exercisable | 974,995 | |||
2018 RMV allocated on April 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 79.88 | |||
Outstanding at the beginning of the year | 137,500 | |||
Outstanding at the end of the year | 137,500 | 137,500 | ||
Exercisable | 137,500 | |||
2019 allocated on April 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 95.11 | |||
Outstanding at the beginning of the year | 1,300,840 | |||
Forfeited during the year | (83,850) | |||
Outstanding at the end of the year | 1,216,990 | 1,300,840 | ||
2019 RMV allocated on April 2019 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 95.11 | |||
Outstanding at the beginning of the year | 190,500 | |||
Forfeited during the year | (4,500) | |||
Outstanding at the end of the year | 186,000 | 190,500 | ||
2020 allocated on April 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 168.42 | |||
Outstanding at the beginning of the year | 1,617,928 | |||
Forfeited during the year | (159,684) | |||
Outstanding at the end of the year | 1,458,244 | 1,617,928 | ||
2020 RMV allocated on April 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 168.42 | |||
Outstanding at the beginning of the year | 227,475 | |||
Forfeited during the year | (18,400) | |||
Outstanding at the end of the year | 209,075 | 227,475 | ||
2021 BE allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Outstanding at the beginning of the year | 1,084,036 | |||
Forfeited during the year | (42,888) | |||
Outstanding at the end of the year | 1,041,148 | 1,084,036 | ||
2021 RMV allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Outstanding at the beginning of the year | 282,550 | |||
Forfeited during the year | (24,850) | |||
Outstanding at the end of the year | 257,700 | 282,550 | ||
2021 ROW allocated on April 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 64.76 | |||
Outstanding at the beginning of the year | 982,000 | |||
Forfeited during the year | (198,625) | |||
Outstanding at the end of the year | 783,375 | 982,000 | ||
2022 (A) allocated on January 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 46.18 | |||
Granted during the year | 30,000 | |||
Outstanding at the end of the year | 30,000 | |||
2022 (B) allocated on January 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 50 | |||
Granted during the year | 1,000,000 | |||
Outstanding at the end of the year | 1,000,000 | |||
2022 BE allocated on May 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 57.46 | |||
Granted during the year | 839,400 | |||
Forfeited during the year | (7,858) | |||
Outstanding at the end of the year | 831,542 | |||
2022 BE allocated on August 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 51.58 | |||
Granted during the year | 72,000 | |||
Outstanding at the end of the year | 72,000 | |||
2022 RMV allocated on May 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 57.46 | |||
Granted during the year | 244,389 | |||
Outstanding at the end of the year | 244,389 | |||
2022 ROW allocated on May 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 57.46 | |||
Granted during the year | 875,450 | |||
Forfeited during the year | (1,675) | |||
Outstanding at the end of the year | 873,775 | |||
2022 BE/ROW allocated on August 2022 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise Price | € / shares | € 51.58 | |||
Granted during the year | 60,000 | |||
Forfeited during the year | (27,600) | |||
Outstanding at the end of the year | 32,400 |
Share based payments - Rollforw
Share based payments - Rollforward (Details) | 12 Months Ended | |||
Dec. 31, 2022 EquityInstruments € / shares | Dec. 31, 2021 EquityInstruments € / shares | Dec. 31, 2020 EquityInstruments € / shares | Dec. 31, 2019 EquityInstruments € / shares | |
Share based payments | ||||
Outstanding at the beginning of the year | EquityInstruments | 8,579,837 | 6,929,111 | 5,541,117 | |
Granted during the year | EquityInstruments | 3,121,239 | 2,493,433 | 2,173,335 | |
Forfeited during the year | EquityInstruments | (607,430) | (701,753) | (40,376) | |
Exercised during the year | EquityInstruments | (282,790) | (140,954) | (744,965) | |
Outstanding at the end of the year | EquityInstruments | 10,810,856 | 8,579,837 | 6,929,111 | |
Exercisable | EquityInstruments | 2,574,218 | 1,751,013 | 1,168,967 | 1,139,682 |
Weighted average exercise price at beginning of the year | € / shares | € 92.7 | € 104 | € 70.1 | |
Granted during the period | € / shares | 54.7 | 64.8 | 168.4 | |
Forfeited during the year | € / shares | 100 | 118.5 | 144.8 | |
Exercised during the period | € / shares | 23.7 | 23.5 | 38 | |
Weighted average exercise price at end of the year | € / shares | 83.1 | 92.7 | 104 | |
Exercisable | € / shares | € 70.3 | € 56.6 | € 37.8 | € 30.2 |
Share based payments - Valuatio
Share based payments - Valuation (Details) | 12 Months Ended |
Dec. 31, 2022 € / shares | |
2021 BE allocated on April 2021 | |
Subscription rights plans | |
Exercise Price | € 64.76 |
Weighted average share price at acceptance date | 61.10 |
Weighted average fair value at acceptance date | € 22.72 |
Weighted average estimated volatility | 40.73% |
Weighted average expected life of the subscription rights (years) | 6 years 5 months 4 days |
Weighted average risk free rate (%) | (0.21%) |
2021 RMV/ROW allocated on April 2021 | |
Subscription rights plans | |
Exercise Price | € 64.76 |
Weighted average share price at acceptance date | 61.10 |
Weighted average fair value at acceptance date | € 20.68 |
Weighted average estimated volatility | 40.61% |
Weighted average expected life of the subscription rights (years) | 5 years 4 months 9 days |
Weighted average risk free rate (%) | (0.29%) |
2020 April 17 | |
Subscription rights plans | |
Exercise Price | € 168.42 |
Weighted average share price at acceptance date | 178.95 |
Weighted average fair value at acceptance date | € 86.45 |
Weighted average estimated volatility | 51.30% |
Weighted average expected life of the subscription rights (years) | 6 years |
Weighted average risk free rate (%) | (0.44%) |
2020RMV allocated on April 2020 | |
Subscription rights plans | |
Exercise Price | € 168.42 |
Weighted average share price at acceptance date | 178.95 |
Weighted average fair value at acceptance date | € 85.79 |
Weighted average estimated volatility | 51.32% |
Weighted average expected life of the subscription rights (years) | 6 years |
Weighted average risk free rate (%) | (0.44%) |
2022 (A) allocated on January 2022 | |
Subscription rights plans | |
Exercise Price | € 46.18 |
Weighted average share price at acceptance date | 46.21 |
Weighted average fair value at acceptance date | € 16.10 |
Weighted average estimated volatility | 41.80% |
Weighted average expected life of the subscription rights (years) | 4 years 8 months 19 days |
Weighted average risk free rate (%) | (0.13%) |
2022 (B) allocated on January 2022 | |
Subscription rights plans | |
Exercise Price | € 50 |
Weighted average share price at acceptance date | 56.67 |
Weighted average fair value at acceptance date | € 24.53 |
Weighted average estimated volatility | 40.80% |
Weighted average expected life of the subscription rights (years) | 5 years 11 months 12 days |
Weighted average risk free rate (%) | 0.67% |
2022 BE allocated on May 2022 | |
Subscription rights plans | |
Exercise Price | € 57.46 |
Weighted average share price at acceptance date | 51.64 |
Weighted average fair value at acceptance date | € 20.73 |
Weighted average estimated volatility | 42.59% |
Weighted average expected life of the subscription rights (years) | 6 years 4 months 13 days |
Weighted average risk free rate (%) | 1.33% |
2022 RMV/ROW on May 2022 | |
Subscription rights plans | |
Exercise Price | € 57.46 |
Weighted average share price at acceptance date | 51.64 |
Weighted average fair value at acceptance date | € 18.92 |
Weighted average estimated volatility | 42.65% |
Weighted average expected life of the subscription rights (years) | 5 years 4 months 9 days |
Weighted average risk free rate (%) | 1.26% |
2022 BE/ROW allocated on August 2022 | |
Subscription rights plans | |
Exercise Price | € 51.58 |
Weighted average share price at acceptance date | 44.55 |
Weighted average fair value at acceptance date | € 17.07 |
Weighted average estimated volatility | 41.75% |
Weighted average expected life of the subscription rights (years) | 5 years 8 months 4 days |
Weighted average risk free rate (%) | 2.70% |
Share based payments - Category
Share based payments - Category (Details) - EquityInstruments | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subscription rights plans | ||||
Total rights outstanding | 10,810,856 | 8,579,837 | 6,929,111 | 5,541,117 |
Members of the Board of Directors | ||||
Subscription rights plans | ||||
Total rights outstanding | 75,000 | 157,560 | 157,560 | |
Members of the Executive Committee | ||||
Subscription rights plans | ||||
Total rights outstanding | 1,864,000 | 1,965,000 | 2,101,874 | |
Personnel | ||||
Subscription rights plans | ||||
Total rights outstanding | 8,871,856 | 6,457,277 | 4,669,677 |
Share based payments - Summar_2
Share based payments - Summary of RSU's outstanding (Details) - EquityInstruments | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share based payments | |||
Outstanding at the beginning of the year | 8,579,837 | 6,929,111 | 5,541,117 |
Granted during the year | 3,121,239 | 2,493,433 | 2,173,335 |
Forfeited during the year | (607,430) | (701,753) | (40,376) |
Outstanding at the end of the year | 10,810,856 | 8,579,837 | 6,929,111 |
Restricted Stock Units (RSUs) | |||
Share based payments | |||
Outstanding at the beginning of the year | 657,803 | 313,596 | 213,147 |
Granted during the year | 470,273 | 511,518 | 128,769 |
Forfeited during the year | (172,885) | (74,873) | (1,052) |
Paid in cash during the year | (219,096) | (92,438) | (27,268) |
Outstanding at the end of the year | 736,095 | 657,803 | 313,596 |
Plan 2019.I | |||
Share based payments | |||
Outstanding at the beginning of the year | 28,000 | ||
Paid in cash during the year | (28,000) | ||
Outstanding at the end of the year | 28,000 | ||
Plan 2019.II | |||
Share based payments | |||
Outstanding at the beginning of the year | 42,504 | ||
Forfeited during the year | (9,090) | ||
Paid in cash during the year | (20,483) | ||
Outstanding at the end of the year | 12,931 | 42,504 | |
Plan 2019.III | |||
Share based payments | |||
Outstanding at the beginning of the year | 30,460 | ||
Paid in cash during the year | (30,460) | ||
Outstanding at the end of the year | 30,460 | ||
Plan 2020.I | |||
Share based payments | |||
Outstanding at the beginning of the year | 32,527 | ||
Forfeited during the year | (7,359) | ||
Paid in cash during the year | (8,058) | ||
Outstanding at the end of the year | 17,110 | 32,527 | |
Plan 2020.II | |||
Share based payments | |||
Outstanding at the beginning of the year | 41,968 | ||
Forfeited during the year | (10,831) | ||
Paid in cash during the year | (13,511) | ||
Outstanding at the end of the year | 17,626 | 41,968 | |
Plan 2021.I. | |||
Share based payments | |||
Outstanding at the beginning of the year | 154,616 | ||
Forfeited during the year | (27,146) | ||
Paid in cash during the year | (34,870) | ||
Outstanding at the end of the year | 92,600 | 154,616 | |
Plan 2021.II. | |||
Share based payments | |||
Outstanding at the beginning of the year | 40,620 | ||
Forfeited during the year | (9,478) | ||
Paid in cash during the year | (8,801) | ||
Outstanding at the end of the year | 22,341 | 40,620 | |
Plan 2021.III | |||
Share based payments | |||
Outstanding at the beginning of the year | 38,175 | ||
Forfeited during the year | (9,233) | ||
Paid in cash during the year | (12,683) | ||
Outstanding at the end of the year | 16,259 | 38,175 | |
Plan 2021.IV. | |||
Share based payments | |||
Outstanding at the beginning of the year | 248,933 | ||
Forfeited during the year | (84,865) | ||
Paid in cash during the year | (62,230) | ||
Outstanding at the end of the year | 101,838 | 248,933 | |
Plan 2022.I. | |||
Share based payments | |||
Granted during the year | 209,118 | ||
Forfeited during the year | (14,480) | ||
Outstanding at the end of the year | 194,638 | ||
Plan 2022.II. | |||
Share based payments | |||
Granted during the year | 249,000 | ||
Outstanding at the end of the year | 249,000 | ||
Plan 2022.III. | |||
Share based payments | |||
Granted during the year | 12,155 | ||
Forfeited during the year | (403) | ||
Outstanding at the end of the year | 11,752 |
Share based payments - Restrict
Share based payments - Restricted stock units - Category (Details) - EquityInstruments | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share based payments | ||||
Total outstanding | 10,810,856 | 8,579,837 | 6,929,111 | 5,541,117 |
Members of the Executive Committee | ||||
Share based payments | ||||
Total outstanding | 1,864,000 | 1,965,000 | 2,101,874 | |
Personnel | ||||
Share based payments | ||||
Total outstanding | 8,871,856 | 6,457,277 | 4,669,677 | |
Restricted Stock Units (RSUs) | ||||
Share based payments | ||||
Total outstanding | 736,095 | 657,803 | 313,596 | 213,147 |
Restricted Stock Units (RSUs) | Members of the Executive Committee | ||||
Share based payments | ||||
Total outstanding | 332,038 | 384,340 | 229,276 | |
Restricted Stock Units (RSUs) | Personnel | ||||
Share based payments | ||||
Total outstanding | 404,057 | 273,463 | 84,320 |
Share based payments - Restri_2
Share based payments - Restricted stock units (RSU's) (Textual) (Details) € in Millions | 12 Months Ended | |
Dec. 31, 2022 EUR (€) D shares | Dec. 31, 2021 EUR (€) | |
Restricted Stock Units (RSUs) | ||
Share based payments | ||
Number of securities called by each restricted stock or right | shares | 1 | |
Number of calendar days period preceding vesting date for calculate value of weighted average price of entity share traded on stock-exchange | 30 | |
Vesting period | 4 years | |
Percentage vested | 25% | |
Number of calendar days period preceding reporting period for calculate value of weighted average price of entity share traded on stock-exchange | 30 | |
Liability relating to outstanding RSU | € | € 12.9 | € 11.3 |
RSUs, other general plans | ||
Share based payments | ||
Vesting period | 3 years | |
RSUs, other general plans | Vesting percentage portion one | ||
Share based payments | ||
Vesting period | 2 years | |
Share based payments, Percentage of other equity instruments vested in certain period | 50% | |
RSUs, other general plans | Vesting percentage portion two | ||
Share based payments | ||
Vesting period | 3 years | |
Share based payments, Percentage of other equity instruments vested in certain period | 50% | |
RSUs, other general plans | Vesting tranche one | Vesting percentage portion one | ||
Share based payments | ||
Vesting period | 3 years | |
Share based payments, Percentage of other equity instruments vested in certain period | 34% | |
RSUs, other general plans | Vesting tranche two | ||
Share based payments | ||
Share based payments, Percentage of other equity instruments vested in certain period | 33% | |
RSUs, other general plans | Vesting tranche two | Vesting percentage portion two | ||
Share based payments | ||
Vesting period | 2 years |
Related parties (Details)
Related parties (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 EUR (€) employee | Nov. 06, 2019 | Aug. 28, 2019 | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 EUR (€) individual | Dec. 31, 2022 EUR (€) employee | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 EUR (€) | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Number of executive committee members | employee | 4 | ||||||||
Number of board of directors | 9 | 9 | |||||||
Deferred income other than contract liabilities | € 1,989,230,000 | € 1,989,230,000 | € 1,989,230,000 | € 1,989,230,000 | € 2,364,701,000 | € 2,809,133,000 | € 3,000,646,000 | ||
Gilead [member] | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Royalty income | 19,984,000 | ||||||||
Purchased raw materials, semi-finished products and finished products | 13,500,000 | 24,900,000 | 200,000 | ||||||
Transaction price allocated to remaining performance obligations | 4,385,931,000 | 4,385,931,000 | 4,385,931,000 | 4,385,931,000 | 4,340,567,000 | ||||
Deferred income other than contract liabilities | € 4,339,347,000 | € 4,339,347,000 | € 4,339,347,000 | € 4,339,347,000 | 4,308,669,000 | 4,286,852,000 | |||
Minimum | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Percentage of ownership interest | 20% | 20% | 20% | 20% | |||||
Gilead collaboration agreement for drug discovery platform | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Impact on revenues from performance obligations | € 230,400,000 | 230,600,000 | 229,600,000 | ||||||
Deferred income other than contract liabilities | € 1,529,400,000 | 1,529,400,000 | € 1,529,400,000 | € 1,529,400,000 | 1,759,800,000 | ||||
Gilead collaboration agreement for drug discovery platform | Gilead [member] | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Deferred income other than contract liabilities | 1,529,405,000 | 1,529,405,000 | 1,529,405,000 | 1,529,405,000 | 1,759,828,000 | 1,990,412,000 | 2,220,013,000 | ||
Collaboration agreement for filgotinib | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Deferred income other than contract liabilities | 456,400,000 | 456,400,000 | 456,400,000 | 456,400,000 | |||||
Collaboration agreement for filgotinib | Gilead [member] | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Cross charges receivable relating to development of Filgotinib | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||||
Deferred income other than contract liabilities | € 456,352,000 | € 456,352,000 | € 456,352,000 | € 456,352,000 | 604,875,000 | 818,654,000 | € 780,261,000 | ||
DIVERSITY clinical trial | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Amount receivable in relation to the collaboration | € 12,600,000 | ||||||||
Key management personnel of entity or parent | Gilead [member] | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Number of board of directors | individual | 2 | ||||||||
Gilead. | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Percentage of stake | 0.251% | 22.04% | |||||||
Percentage of ownership interest | 0.2538% | 0.2538% | 0.2538% | 0.2538% | 0.2549% | 0.2584% | |||
Non-current trade receivables | 50,000,000 | ||||||||
Trade and other receivables | € 7,877,000 | € 7,877,000 | € 7,877,000 | € 7,877,000 | € 88,246,000 | 132,825,000 | |||
Trade and other payables | 11,580,000 | 27,074,000 | |||||||
Number of outstanding performance Obligations | 2 | ||||||||
Gilead. | Gilead collaboration agreement for drug discovery platform | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Deferred income other than contract liabilities | € 1,500,000,000 | € 1,500,000,000 | € 1,500,000,000 | € 1,500,000,000 | |||||
Gilead. | Collaboration agreement for filgotinib | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Trade and other receivables | 50,000,000 | ||||||||
profit and cost sharing receivables | 23,800,000 | ||||||||
Royalty income | 2,600,000 | ||||||||
Gilead. | GLPG 1690 License | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Cost reimbursements recognized | 400,000 | 18,100,000 | 34,100,000 | ||||||
Filgotinib drug license | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Total impact on revenue | 174,400,000 | 235,700,000 | 228,100,000 | ||||||
Filgotinib drug license | Gilead. | |||||||||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||||||||
Royalty income | 10,700,000 | 3,800,000 | 16,200,000 | ||||||
Cost reimbursements recognized | 2,400,000 | 81,300,000 | 101,000,000 | ||||||
Addition (deduction) of sales & marketing expenses | (30,000) | (59,700,000) | € (4,700,000) | ||||||
Deduction of research and development expenditure | € 30,000 | € 7,000,000 | |||||||
Cost share mechanism | 50% | 50% | 50% | 50% | |||||
Deferred income other than contract liabilities | € 456,000,000 | € 456,000,000 | € 456,000,000 | € 456,000,000 |
Related parties - Summary of re
Related parties - Summary of remuneration package (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 EUR (€) EquityInstruments | Dec. 31, 2021 EUR (€) EquityInstruments | Dec. 31, 2020 EUR (€) EquityInstruments | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Post-employment benefits | € | € 240 | € 399 | € 392 |
Total benefits excluding subscription rights and RSUs | € | € 4,424 | 5,413 | € 4,262 |
Severance package | € | € 802 | ||
Subscription rights offered | 3,121,239 | 2,493,433 | 2,173,335 |
Duration of deferred payment Senior Management Bonus | 3 years | ||
Total cost of subscription rights granted in the year | € | € 27,010 | € 5,629 | € 22,921 |
Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 1,124,000 | 275,000 | 275,000 |
Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 470,273 | 511,518 | 128,769 |
Key management personnel of entity or parent | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 200,478 | 254,560 | 61,829 |
Executive committee members as a group | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Short-term benefits | € | € 3,444 | € 4,264 | € 3,102 |
Gross salary | € | 2,341 | 2,621 | 2,531 |
Cash bonus | € | 997 | 1,172 | 433 |
Other short-term benefits | € | € 106 | € 471 | € 138 |
Executive committee members as a group | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 1,124,000 | 275,000 | 275,000 |
Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 1,000,000 | ||
Stofffels IMC BV (permanently represented by Dr. Paul Stoffels) | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 74,408 | ||
Raj Parekh | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | € 165 | € 220 | € 220 |
Howard Rowe | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 39 | 120 | 125 |
Katrine Bosley | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 21 | 65 | 115 |
Mary Kerr | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 115 | 115 | 115 |
Peter Guenter | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 115 | 115 | 115 |
Jerome Contamine | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 102 | ||
Dan Baker | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | 68 | ||
Elizabeth Svanberg | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Board fees and other short-term benefits for members of the Board of Directors | € | € 115 | € 115 | € 78 |
Onno van de Stolpe | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 85,000 | 85,000 | |
Onno van de Stolpe | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 63,830 | 18,317 | |
Bart Filius | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 68,000 | 50,000 | 50,000 |
Bart Filius | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 61,442 | 62,730 | 12,600 |
Andre Hoekema | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 30,000 | 30,000 | |
Andre Hoekema | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 51,433 | 832 | |
Piet Wigerinck | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 40,000 | 40,000 | |
Piet Wigerinck | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 835 | 12,080 | |
Walid Abi-Saab | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 32,000 | 40,000 | 40,000 |
Walid Abi-Saab | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 37,274 | 44,038 | 12,080 |
Michele Manto | Warrants | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 24,000 | 30,000 | 30,000 |
Michele Manto | Restricted Stock Units (RSUs) | |||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | |||
Subscription rights offered | 27,354 | 31,694 | 5,920 |
Consolidated companies as of _3
Consolidated companies as of December 31, 2022 (Details) | 12 Months Ended | ||||
Jan. 04, 2021 | Jan. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AboundBio, Inc. | United States | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 0% | 0% | ||
Changes in voting rights | 100% | ||||
CellPoint B.V. | The Netherlands | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 0% | 0% | ||
Changes in voting rights | 100% | ||||
Fidelta d.o.o. | Selvita S A | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | ||||
Fidelta d.o.o. | Selvita S A | Fee for service business, held for sale | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | ||||
Fidelta d.o.o. | Croatia | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 0% | 0% | 100% | ||
Galapagos Biopharma BV | The Netherlands | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Biopharma BV | Belgium | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos B.V | The Netherlands | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Biopharma Spain S.L.U | Spain | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Biopharma Italy S.r.l. | Italy | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Biopharma Germany GmbH | Germany | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Biopharma A.B. | Sweden | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos Biopharma A.S. | Norway | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos Biopharma Oy | Finland | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos Biopharma ApS | Denmark | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos GmbH | Switzerland | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos GmbH | Austria | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos Biopharma Ireland Ltd | Ireland | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 0% | ||
Galapagos Biotech Ltd. (formerly Inpharmatica Ltd.) | United Kingdom | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Real Estate 1 BV | Belgium | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos Real Estate B.V. | The Netherlands | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos SASU (France) | France | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Galapagos, Inc. (formerly Biofocus, Inc.) | United States | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% | ||
Xenometrix, Inc. | United States | |||||
Consolidated companies as of December 31, 2022 | |||||
Percentage of voting rights held directly or indirectly through subsidiaries | 100% | 100% | 100% |
Financial risk management - Fin
Financial risk management - Financial risk factors (Details) € in Thousands, $ in Millions | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 EUR (€) |
Financial risk management | ||||
Financial assets held at fair value through profit or loss | € 0 | € 8,951 | ||
Financial assets | € 4,128,033 | 4,797,436 | 5,357,438 | |
Financial liabilities | 119,137 | 111,582 | 167,505 | |
Liquidity risk | ||||
Cash and cash equivalents | 508,117 | $ 97.3 | 2,233,368 | 2,135,187 |
Current financial investments and cash and cash equivalents | 4,094,062 | 4,703,177 | 5,169,349 | |
Equity instruments | ||||
Financial risk management | ||||
Financial assets held at fair value through profit or loss | 8,951 | |||
Current financial investments [member] | ||||
Financial risk management | ||||
Financial assets held at fair value through profit or loss | 1,292,514 | 1,317,460 | 1,571,858 | |
Financial assets at amortized cost | 2,293,431 | 1,152,349 | 1,454,420 | |
Cash and cash equivalents [member] | ||||
Financial risk management | ||||
Financial assets | 508,117 | 2,233,368 | 2,135,187 | |
Restricted cash (current and non-current) | ||||
Financial risk management | ||||
Financial assets | 4,569 | 1,425 | 1,482 | |
Other non-current assets. | ||||
Financial risk management | ||||
Financial assets | 1,209 | 1,048 | 907 | |
Trade and other receivables (excl prepayments) | ||||
Financial risk management | ||||
Financial assets | 28,194 | 91,786 | 184,632 | |
Current financial instruments | ||||
Financial risk management | ||||
Financial liabilities | 19 | 204 | 3,164 | |
Current contingent consideration related to milestones CellPoint | ||||
Financial risk management | ||||
Financial liabilities | 8,485 | |||
Non-current contingent consideration related to milestones CellPoint | ||||
Financial risk management | ||||
Financial liabilities | 13,582 | |||
Trade & other liabilities | ||||
Financial risk management | ||||
Financial liabilities | 68,928 | 84,519 | 134,905 | |
Lease liabilities [member] | ||||
Financial risk management | ||||
Financial liabilities | € 21,901 | € 26,859 | € 29,436 |
Financial risk management - Agi
Financial risk management - Aging of Debtors (Details) - EUR (€) € in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial risk management | |||
Financial assets | € 4,128,033 | € 4,797,436 | € 5,357,438 |
60 - 90 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | 424 | 141 | 0 |
90 - 120 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | 208 | 92 | 0 |
more than 120 days | Trade receivables | Credit risk | |||
Financial risk management | |||
Financial assets | € 473 | € 113 | € 0 |
Financial risk management - Int
Financial risk management - Interest rate risk and foreign exchange risk (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate risk | |||
Financial risk management | |||
Increase in interest rates | 1% | ||
Decrease in interest rates | 1% | ||
Approximate increase in profit or loss, and equity from increase in interest rates | € 40,900 | € 47,000 | € 51,700 |
Approximate decrease in profit or loss, and equity from decrease in interest rates | € 40,900 | € 47,000 | € 51,700 |
Foreign exchange risk | |||
Financial risk management | |||
Percentage of change in risk assumption | 10% | 10% | 10% |
Euros - U.S. Dollars Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | € (85,140) | € (83,996) | € (116,690) |
Euros - GB Pounds Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | 960 | 1,093 | 303 |
Euros - CH Francs Exchange rate value | Foreign exchange risk | |||
Financial risk management | |||
Increase (Decrease) in net book value | € 557 | € 233 | € 2,013 |
Auditor's remuneration (Details
Auditor's remuneration (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auditor's remuneration | ||
Statutory auditor's fees | € 1,127,100 | € 860,300 |
audit related fees | 26,900 | 101,100 |
Other fees related to non-audit services executed by persons related to the statutory auditor | € 587,700 | |
Other fees related to IT services | € 429,500 |
Events after balance sheet da_2
Events after balance sheet date (Details) | 12 Months Ended | ||||
Mar. 20, 2023 EUR (€) EquityInstruments € / shares shares | Feb. 08, 2023 EUR (€) | Dec. 31, 2022 EquityInstruments | Dec. 31, 2021 EquityInstruments | Dec. 31, 2020 EquityInstruments | |
Disclosure of non-adjusting events after reporting period [line items] | |||||
subscription rights exercised | EquityInstruments | 282,790 | 140,954 | 744,965 | ||
Collaboration agreement for filgotinib | Minimum | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | 15% | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € 50,000,000 | ||||
Collaboration agreement for filgotinib | Maximum | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Increase (decrease) in remaining cost to complete filgotinib performance obligation | 25% | ||||
(Decrease) increase in revenue recognition and corresponding increase (decrease) in current and non-current deferred income | € 86,000,000 | ||||
Subscription Right Plan | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
subscription rights exercised | EquityInstruments | 61,560 | ||||
Exercise price subscription right | € / shares | € 28.75 | ||||
Share capital increase due to subscription rights exercised | € 1,769,850 | ||||
Number of shares issued | shares | 61,560 |